The IEA reports that Russia's oil exports increased to $15.8 Billion in January.

The International Energy Agency reported on Thursday that Russia's commercial revenue from crude oil and oil product sales in January increased by $900 millions from December, to $15.8 Billion, due to the higher oil prices, and stable export volume, despite sanctions.

Early January, the United States announced their most comprehensive sanctions to date against Russian oil companies as well as tankers transporting Russian oil in response to Moscow's conflict with Ukraine. Some sanctions will take effect in late February or March.

Donald Trump, the U.S. president, also pledged to exert maximum pressure on Iran. This includes efforts to reduce its oil exports to zero to prevent Tehran from acquiring a nuclear bomb.

In a report published every month, the IEA - which provides advice to industrialised nations - said that "new U.S. sanctions against Russia and Iran roiled the markets at the beginning of the year, but they have not yet materially affected global oil supply."

"Iranian crude exports have only been marginally reduced, while Russian flow rates are largely unchanged."

The IEA reports that Russia's crude and oil product exports were roughly on par with the volumes of December, at 7.4 million barrels a day. Crude oil supplies increased by 100,000 bpd, to 4.6 millions bpd.

Exports of oil and petroleum products fell by the same amount, to 2.8 millions bpd.

IEA data show that Russia's crude and oil product exports fell by 60,000 bpd in January compared to the same period last year.

Last month, the agency said that the price of all Russian oil sold was above the $60-per-barrel cap imposed by the West.

According to IEA figures, Russia's crude oil production rose by 100,000 bpd last month to 9,2 million bpd. This is above the OPEC+ quota, which stands at 8,98 million bpd.

According to the Organization of Petroleum Exporting Countries, Russia's crude output fell by 0.3% in January, from 9.004 millions bpd. Alex Richardson, Alex Richardson (Reporting)

(source: Reuters)