Russian oil exports hit post-war high despite sanctions: IEA

Iran Press TV

Tuesday, 16 May 2023 11:13 AM

Russia’s oil exports have hit its highest level since the start of the Ukraine war, increasing its revenues by $1.7 billion despite Western sanctions, the International Energy Agency says.

In a monthly oil report on Tuesday, the Paris-based organization said Russian crude exports increased by 50,000 barrels per day to 8.3 million bpd in April.

That reflects Russia’s success in finding new buyers for its crude since the West imposed sanctions on its oil industry.

“Russia seems to have few problems finding willing buyers for its crude and oil products,” the IEA said, adding that Russian oil export revenues increased from $13.3bn in March to $15 billion in April.

According to the report, China and India were the main buyers of Russian oil, with nearly 80 percent of the shipments flowing to the two countries.

The agency said the Russian oil had helped meet rising oil demand in China, amid its emergence from nearly three years of COVID-19 restrictions.

“China’s demand recovery continues to surpass expectations, with the country setting an all-time record in March” at 16 million bpd, the IEA said, increasing its forecast for 2023 global oil demand growth to 2.2mn bpd.

The report comes despite the sanctions imposed by the Western allies of Kiev against Russia after Moscow launched what it called a ‘special military operation’ in Ukraine in February 2022.

Russia started its military operation in order to defend the pro-Russian population in the eastern Ukrainian regions of Luhansk and Donetsk against persecution by Kiev.

Ever since the beginning of the war, Kiev’s Western allies, led by the United States, have been providing Ukraine with advanced weapons and imposing Russia with a slew of sanctions, steps that Moscow says would only prolong the war.

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