Russian oil exports jump to highest level in almost three years despite sanctions

Despite facing sanctions from the West due to Moscow's invasion of Ukraine in 2022, Russian oil exports increased to 8.1 million barrels per day (bpd) in March, the highest level in nearly three years, according to the International Energy Agency (IEA).

However, the country's oil revenues were significantly lower than the previous year, down by 43% to $12.7 billion.

Russia responded to sanctions by cutting production by 500,000 bpd, and its OPEC+ partners announced their own output cuts earlier in April. The IEA attributed the increase in oil shipments to a rise in exports of oil products, which climbed by 450,000 bpd to 3.1 million bpd.

India replaced China as the primary destination for Russian oil shipments in Asia in March.