The war with the US and Israel on Iran has resulted in a sharp increase in Russia's revenues from oil exports, the International Energy Agency (IEA) reported on Tuesday. However, the agency warned that Russia may have difficulty increasing production in the near future.
Russian exports of crude oil and petroleum products increased by 320,000 in March. barrels per dayreaching 7.1 million barrels per day, supported by the fight for alternative sources of oil in the face of cutting off supplies from the Middle East.
Moreover, revenues from the export of raw materials increased due to the increase in global oil prices. In March, Russia's revenues from exports of crude oil and petroleum products amounted to $19 billion, almost twice as much as $9.7 billion. in Februarythe IEA said in its monthly report.
The increase in exports is mainly due to deliveries by sea, as the Druzhba pipeline remained offline.
Crude oil flows through the Druzhba pipeline to Hungary and Slovakia through Ukrainian territory remain closed following attacks on pipeline infrastructure in late January.
According to the IEA, Russian oil production rose to 8.96 million barrels a day last month from 8.67 million barrels a day in February.
However, the agency warned that In the near future, Russia may have difficulty increasing oil production above the levels seen at the beginning of the first quarter of this yeartaking into account damage to port and energy infrastructure.
Russian ports and refineries in the Baltic and Black Sea have been repeatedly damaged by Ukrainian drone attacks, the agency noted.
High oil prices have boosted the Kremlin's coffers, helping Russia plug a hole in the federal budget and wage war in Ukraine.
India's imports of Russian oil increased last month after the United States lifted restrictions on purchasing supplies from Russia loaded before March 5, the International Energy Agency (IEA) said.
Source: CNN, Reuters
