The war in Iran has led to a significant increase in Russia’s revenues from oil exports, amid the global rise in oil prices and the redirection of demand to other sources, as shown by the International Energy Agency (IEA) in a monthly report published on Tuesday.
Russian oil and petroleum product exports increased by 320,000 barrels per day in March, reaching 7.1 million barrels per day, but revenues rose much more strongly due to the growth in international prices.
According to the IEA, Russia earned about $19 billion last month, nearly double the $9.7 billion in February, as reported by CNN.
The high oil prices have supported Russia's federal budget, helping to cover the deficit and maintain the war effort in Ukraine.
Additionally, Russia benefited last month from an increase in India's oil imports after the US relaxed restrictions on shipments already loaded before March 5, as noted by the IEA.
However, the Agency warns that Russia may face short-term difficulties in increasing production above first-quarter levels, as the energy and port infrastructure has been affected by Ukrainian drone attacks, including in the ports of the Baltic Sea and the Black Sea.
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