Russian oil exports have hit their highest in March since April 2020, as per a recent report published on Friday by the International Energy Agency (IEA). 

This is owed to an increase in oil exports of about 600,000 barrels per day month-on-month, including 450,000 barrels per day in oil products, the report states. 

"Russian oil exports in March soared to the highest since April 2020 thanks to surging product flows that returned to levels last seen before Russia [waged a special military operation in] Ukraine. Total oil shipments rose by 0.6 mb/d to 8.1 mb/d, with products climbing 450 kb/d m-o-m to 3.1 mb/d. Estimated oil export revenues rebounded by $1 billion to $12.7 billion but were 43% lower than a year ago," the report read.

Although Russia's oil-based revenues rebounded by $1 billion to a total of $12.7 billion, earnings were still below 43% compared to a year ago. 

China and India were reported to be the biggest customers with 90% of Russian crude purchased. 

Read more: Disregarding Russian oil supply 'would be a sin': QazaqGas

Exports to sanctions-defiant Turkey are likewise reported to have reached their highest since 2018. 

In December of last year, the EU agreed to impose an embargo on exports of Russian seaborne oil, including a $60 price cap for worldwide exports which was agreed upon with the G7. 

In February this year, the EU implemented a ban on Russian petroleum products and agreed with the G7 on price caps of $100 per barrel for more expensive products such as diesel and $45 on lower quality products such as fuel oil.

In retaliation to the price cap, President Vladimir Putin signed a decree on February 1 to ban the sales of crude oil to countries abiding by the Western-led price cap on Russian oil.

Russia also slashed its production by 500,000 bpd and shocked the energy markets by agreeing with  OPEC+ allies to announce cuts earlier this month. 

Read more: G7 opposes lowering price of Russian crude oil from $60: WSJ