Oil deliveries abroad rose by 0.6 million barrels per day in March to an average of 8.1 million barrels per day, according to the monthly report published in Paris on Friday by the interest group of leading industrialized countries. This is the highest value since April 2020.
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The IEA estimates Russia’s oil revenues at $12.7 billion in March. This means that the income from oil exports was about a billion dollars higher in a month-on-month comparison, it was said. However, revenue fell 43 percent year-on-year. Russia is currently offering crude oil at significantly lower prices than a year ago.
According to media reports, Russian oil exports have increasingly been directed towards China, India and Turkey in recent months. Deliveries are made by sea using tankers.
In the monthly report, the IEA also referred to the consequences of the announced cuts in production by numerous OPEC+ countries. The oil alliance includes members of OPEC and other important producing countries, including Russia. According to the IEA experts, a cut in the oil price reduction announced from May should reduce supply on the world market by 0.4 million barrels per day by the end of the year.
In contrast, the IEA has hardly changed its forecast for global crude oil demand in the current year. The association of leading industrialized countries expects global demand to average 101.9 million barrels per day, according to the monthly report. That’s 0.1 million barrels less than last expected.
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PARIS (dpa-AFX)
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