IEA: Russia's oil export revenue fell in February

The International Energy Agency reported on Thursday that Russia's revenue from crude oil sales and oil products fell by 2.6% in February compared to the same period last year, to $15.88billion. This was due to the fall in crude oil price and the widening of discounts for Russian grades.

The report also stated that Russian oil exports fell by 100,000 barrels a day (bpd), compared to January, following a recent round U.S. sanction. However, they were down nearly 500,000 bpd if viewed on an annual basis.

Crude exports increased 90,000 BPD from the weak levels in December and January, while product exports dropped by 190,000. They were down by 420,000 BPD year-on-year.

Washington introduced the most comprehensive sanctions against Russian oil companies, and tanks carrying Russian oil in early January over Moscow's involvement in Ukraine.

The IEA reports that Russia's crude production dropped last month by 80,000 bpd, to 9.12m bpd. This was due to higher crude exports as well as lower refinery activity in Russia because of Ukrainian drone attacks against refineries.

The IEA stated that this was still higher than the OPEC+ quota, which is 8.98 million bpd.

According to the Organization of Petroleum Exporting Countries, Russia's crude output fell by 0.04% in February compared with January. The figure was 8.973 million barrels per day. (Reporting and editing by Olesya Almakhova and Vladimir Soldatkin)

(source: Reuters)