Russia’s oil and fuel export revenues rose to $15.8bn (Rbs1.43trn) in January, a $900m increase from December, despite sanctions, according to the International Energy Agency (IEA).
This rise was attributed to higher oil prices and stable export volumes, reported Reuters.
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The US imposed a new set of sanctions against Russian oil companies and tankers in early January, linked to the ongoing conflict in Ukraine. Some of these sanctions are expected to take effect before March.
The IEA noted that the fresh US sanctions on Russia and Iran have not yet significantly impacted global oil supply.
“Iranian crude oil exports are only marginally lower, while Russian flows so far continue largely unaffected,” the agency stated in its monthly report.
Russia’s crude oil and oil product exports in January were consistent with December’s volumes at approximately 7.4 million barrels per day (mbbl/d).
Crude oil supplies increased by 100,000 barrels per day (bpd) to 4.6mbbl/d, while oil product exports decreased by the same amount to 2.8mbbl/d, the report said.
Year-on-year, Russia’s crude oil and oil product exports saw a decline in January to 60,000bpd, as per IEA data.
Additionally, all Russian oil was sold above the Western-imposed price cap of $60 per barrel.
The IEA reported that Russia’s oil production in January rose by 100,000bpd to 9.2mbbl/d, surpassing the OPEC+ quota of 8.98mbbl/d.
However, the Organisation of the Petroleum Exporting Countries (OPEC) noted a 0.3% decline in Russia’s crude oil output to 8.98mbbl/d in January from 9mbbl/d in December.
Russian refineries are increasing crude oil processing to enhance fuel exports in response to the new US sanctions, which have complicated crude oil sales.
Russian refining saw a 2% increase, or 108,000 barrels, from 15 to 19 January compared with the first week of the year.
