Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14). However, Moscow's oil revenues have dropped sharply from last year, it added. Since the Russian invasion of Ukraine over a year ago, there have been thousands of sanctions against Russia including price caps on its exports and EU embargoes.

According to the IEA’s monthly oil market report, total shipments from Russia rose by 600,000 barrels per day to 8.1 million bpd last month, which is the highest since April 2020. However, while Moscow’s oil revenues rebounded by $1 billion to $12.7 billion, they were&nbsp;still nearly 43 per cent lower when compared to a year ago, said the Paris-based agency.&nbsp;

In March, Russian crude oil exports rose by 100,000 bpd to 5 million bpd with India effectively replacing China as Moscow’s main market in Asia, last month. Additionally, the IEA also said that the oil product shipments destined for the EU almost doubled between February and March to 300,000 bpd.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/opec-agrees-to-cut-production-for-first-time-in-a-year-after-oil-price-slump-513187">OPEC to cut production by 100,000 barrels per day after oil price slump</a>

Months after the Russian invasion of Ukraine, the EU imposed an embargo on seaborne oil deliveries from Moscow in December along with a $60 per barrel price cap for exports across the world, the move which was agreed to by the Group of Seven (G7) nations and Australia.

Earlier this year, the EU expanded its ban on Russian oil and agreed with the G7 to the price ceilings of $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil.&nbsp;

Seemingly, in retaliation, Russia announced that it would be reducing its production by 500,000 bpd along with other OPEC+ member nations which sent shockwaves across the market.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/saudi-arabia-opec-members-announce-oil-production-cuts-by-over-a-million-bpd-578386">Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd</a>

According to the IEA, Russia missed its target in March as production fell by 290,000 bpd. “Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” said the Paris-based agency. It added, “This augurs badly for the economic recovery and growth.”&nbsp;

The announcement, which cuts a total of 1.7 million bpd was also months after the group had agreed to a reduction of two million bpd back in November. The exports by Russia also returned pre-Covid levels as they have risen by 450,000 bpd to 3.1 million bpd.

(With inputs from agencies)&nbsp; 
 
&nbsp;

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Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14).

Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14). However, Moscow's oil revenues have dropped sharply from last year, it added. Since the Russian invasion of Ukraine over a year ago, there have been thousands of sanctions against Russia including price caps on its exports and EU embargoes. According to the IEA’s monthly oil market report, total shipments from Russia rose by 600,000 barrels per day to 8.1 million bpd last month, which is the highest since April 2020. However, while Moscow’s oil revenues rebounded by $1 billion to $12.7 billion, they were still nearly 43 per cent lower when compared to a year ago, said the Paris-based agency. In March, Russian crude oil exports rose by 100,000 bpd to 5 million bpd with India effectively replacing China as Moscow’s main market in Asia, last month. Additionally, the IEA also said that the oil product shipments destined for the EU almost doubled between February and March to 300,000 bpd. ALSO READ | OPEC to cut production by 100,000 barrels per day after oil price slump Months after the Russian invasion of Ukraine, the EU imposed an embargo on seaborne oil deliveries from Moscow in December along with a $60 per barrel price cap for exports across the world, the move which was agreed to by the Group of Seven (G7) nations and Australia. Earlier this year, the EU expanded its ban on Russian oil and agreed with the G7 to the price ceilings of $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil. Seemingly, in retaliation, Russia announced that it would be reducing its production by 500,000 bpd along with other OPEC+ member nations which sent shockwaves across the market. ALSO READ | Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd According to the IEA, Russia missed its target in March as production fell by 290,000 bpd. “Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” said the Paris-based agency. It added, “This augurs badly for the economic recovery and growth.” The announcement, which cuts a total of 1.7 million bpd was also months after the group had agreed to a reduction of two million bpd back in November. The exports by Russia also returned pre-Covid levels as they have risen by 450,000 bpd to 3.1 million bpd. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russia’s oil exports hit a three-year high in March despite Western sanctions

Despite US attempts to strangle the Russian economy, Moscow has successfully found new markets for its biggest exports, including energy products. However, the United States has also continued to buy Russian goods, even increasing its imports in recent months.

US imports from Russia increases from September to October: Report

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Russia’s oil exports hit a three-year high in March despite Western sanctions

US imports from Russia increases from September to October: Report