Despite Western sanctions, Russian oil exports reached their highest level in the last three years in March, or since April 2020. However, Moscow’s revenue from the sale of the raw material remains much lower than last year. In its regular monthly report on the market situation, the International Energy Agency (IEA) informed about this today.
Russian supplies increase to 8.1 million barrels per day
Total Russian crude oil supplies rose by 0.6 million bpd to 8.1 million bpd in March. Revenues from the sale of oil then increased month-on-month by roughly one billion to $12.7 billion (CZK 267.8 billion), which is 43 percent less than last March.
The agency also said it expects global oil supplies to drop by 400,000 barrels a day by the end of the year. At the same time, she pointed to an expected increase in production outside the OPEC+ group by one million barrels per day starting in March, while production in the OPEC+ group will fall by 1.4 million barrels per day. OPEC+ includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia.
Global oil demand will increase
Global oil demand will rise by about two million barrels a day this year to a record 101.9 million barrels a day, the IEA predicts. China will contribute about 90 percent of this increase.
Source: ČTK
