Photo caption: IEA logo
Russia’s commercial revenues from sales of crude oil and oil products in January rose by $900 million from December to $15.8 billion due to higher oil prices and stable export volumes, despite sanctions, the International Energy Agency said on Thursday.
The United States introduced the broadest package of sanctions so far in early January against Russian oil companies and tankers carrying Russian oil over Moscow’s conflict in Ukraine. Some of the sanctions take effect later in February or in March.
U.S. President Donald Trump also pledged a policy of maximum pressure against Iran that includes efforts to drive its oil exports down to zero in order to stop Tehran from obtaining a nuclear weapon.
“Fresh U.S. sanctions on Russia and Iran roiled markets at the start of the year but they have yet to materially impact global oil supply,” the IEA, which advises industrialised countries, said in a monthly report.
“Iranian crude oil exports are only marginally lower, while Russian flows so far continue largely unaffected.”
According to the IEA, Russia’s crude oil and oil products exports last month were broadly on par with December’s volumes, at around 7.4 million barrels per day, with crude oil supplies increasing by 100,000 bpd to 4.6 million bpd.
Exports of oil products declined by the same amount to 2.8 million bpd.
Year-on-year, Russia’s crude oil and oil products exports declined in January by 60,000 bpd, IEA data showed.
The agency also said that all the Russian oil was sold above the Western-imposed price cap of $60 per barrel last month.
According to the IEA, Russia’s oil production last month rose by 100,000 bpd to 9.2 million bpd, above the OPEC+ quota of 8.98 million bpd.
The Organization of the Petroleum Exporting Countries said on Wednesday that Russia’s crude oil output declined by 0.3% to 8.977 million bpd in January from 9.004 million bpd in December.
