news unrolled

Post: IEA says Russia’s oil exports hit April 2020 record


Oil production. archive photo

The IEA said Russian oil exports in March were the highest since April 2020.

MOSCOW, April 14 – RIA Novosti. The International Energy Agency (IEA) believes that Russia’s exports of oil and oil products in March were the highest since April 2020 – supply increased by 600 thousand barrels per day compared to the previous month, oil products increased by 450 thousand barrels per day, while export revenues decreased by 43% compared to last year and rose to 12.7 billion dollars.

“In March, Russian oil exports rose to the highest level since April 2020, thanks to a sharp increase in product flows. Total shipments increased by 0.6 million barrels per day to 8.1 million barrels per day, including shipments of refined products increased by 450 thousand barrels. “Up to 3.1 million barrels per day compared to the previous month,” the agency’s monthly report said.

Oil pumping chairs in the Almetyevsk region of the Republic of Tatarstan - RIA Novosti, 1920, 13.04.2023

OPEC maintains its 2023 forecast for oil production in Russia

Estimated revenue from Russian oil exports reached $12.7 billion, “up $1 billion from the previous month,” but “43 percent lower than a year ago,” according to the IEA.

In 2022, the OPEC and OPEC+ alliance removed IEA data from their calculations and replaced them with information from analyst firms Wood Mackenzie and Rystad Energy. Russian Deputy Prime Minister Alexander Novak explained that this was due to the bias of the agency, whose certain stances can be followed in the statements regarding the analysis of the energy market.

Novak said that oil exports from Russia in February increased by 7.6% to 242 million tons in 2022. According to the Russian Federal Customs Service (FCS), in 2022, the Russian Federation increased its exports of mineral fuels, oil and products from their distillation in monetary terms to $383.7 billion, increasing by 42.8% compared to 2021.

Oil pumping chair in the Republic of Tatarstan - RIA Novosti, 1920, 04/12/2023

Expert told what will happen to oil prices

Source: Ria

Leave a Reply

Your email address will not be published. Required fields are marked *