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IEA: In March, Russia exported a record amount of oil in three years, but received 43% less revenue

IEA: In March, Russia exported a record amount of oil in three years, but received 43% less revenue

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The volume of Russian oil exports in March 2023 was the highest since the pandemic. But, despite this, Russia’s income from it has decreased by almost half compared to last year. Bloomberg writes about this, citing data from the International Energy Agency (IEA).

Last month, Russia exported an average of 8.1 million barrels. per day. This is the highest rate since April 2020. At the same time, export revenues amounted to $12.7 billion, which is 43% lower than a year earlier.

According to the IEA, in March oil and oil products from Russia traded on average below the established price ceilings. For example, the average export price of oil was $50.67 per barrel, with the current ceiling of $60. Urals oil on FOB terms in the Baltic and Black Sea trades at an average of $44.46 and $44 per barrel, respectively. ESPO oil is selling at around $67.5 per barrel.

Recall that from the beginning of December 2022, the G7 countries and the EU introduced a price ceiling for Russian oil of $60. Since February of this year, a price ceiling for petroleum products has been set at $100 per barrel ($45 for petroleum products at a discount).

The Russian side, in turn, refused to supply oil to countries that “directly or indirectly” joined the limit.

Source: Rosbalt

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