Revenue from Russia’s oil exports spiked

Turnover Russian oil exports has grown by about 50% since the beginning of 2022, Bloomberg cited data from the International Energy Agency (IEA).

According to Bloomberg’s monthly market report, Russia has made about $20 billion a month this year from selling crude oil and oil-related products.

Oil revenue grows despite Western sanctions on Russian military campaign in Ukraine. As part of these penalties, the US bans all imports of Russian oil; The EU and UK announced plans to cancel all purchases of Russian crude by the end of the year, and international oil giants such as Shell and TotalEnergies announced they would stop buying oil from Russia.

However, according to the IEA, Russian oil exports increased by about 620,000 bpd from March to 8.1 million in April, back to the average level before the Ukraine crisis and subsequent sanctions. .

According to the International Energy Agency, due to increased demand, more shipments are being shipped to Asia, including China and India. In addition, the EU, despite its stance, is by far the largest market for Russian fuels with 43 percent of its oil exports going to the European Union in April, the IEA said. .

According to the IEA, the global energy market, already tight due to uncertainty over Russian crude, could face further difficulties, with a combination of the European embargo on Russian oil and need to recover from China when measures to prevent COVID-19 are lifted.

The IEA estimates that global oil supplies, which fell by about 1 million bpd last month, could triple in the second half of the year.