Moscow’s exports of crude oil and oil products rose in March to their highest level since April 2020, jumping by 600,000 barrels a day, the International Energy Agency said in its monthly oil report Friday. The rise lifted Russia’s estimated revenue from oil exports to $12.7 billion last month. The revenue is still down 43% from a year ago, the IEA said, as Russia is forced to sell its barrels to a more limited pool of customers who can negotiate greater discounts.
’s cuts were likely to reduce global oil supply by 400,000 barrels per day by the end of this year. Meanwhile, demand is expected to climb by 2 million barrels per day to hit a record of almost 102 million barrels per day this year. The predicted oil shortage could weigh on economies already grappling with slowing growth and historically high inflation.
High oil prices lead to war
Must be handled.
One man lose is another man gain. Most countries buying cheaper Russian oil while USA and allies suffer with higher oil prices and their citizens suffering the most with inflation.
Shock, horror...countries need oil !
Misleading headline. 'The revenue is still down 43% from a year ago... customers who can negotiate greater discounts' 'declining energy revenues had contributed to a budget deficit of 2.4 trillion rubles ($29 billion) in the first three months of this year'
Does this not prove the sanctions were no deterrent as the administration you love promised?