RT.com
14 May 2022, 23:13 GMT+10
The country has earned roughly $20 billion per month from crude exports this year
Russia's oil export revenue has jumped some 50% since the beginning of 2022, Bloomberg reports, citing data from the International Energy Agency (IEA).
According to the agency's monthly market report, Moscow has earned some $20 billion each month this year from sales of crude oil and oil-related products.
The earnings growth came despite Western sanctions over Russia's military operation in Ukraine. As part of these penalties, the US banned all Russian oil imports, the EU and UK announced plans to scrap all purchases of Russian crude by the end of the year, and international oil giants such as Shell and TotalEnergies vowed to stop buying oil from the country.
However, according to the IEA, Russian shipments have only increased - by some 620,000 barrels per day compared to March to 8.1 million in April, returning to their average before the Ukraine crisis and the ensuing sanctions. Due to increased demand, more shipments were directed toward Asia, with China and India claiming supplies that were previously destined to go elsewhere, according to the agency. In addition the EU, despite its stance, has so far remained the largest market for Russian fuel with 43% of the country's oil exports going to the bloc in April, the IEA said.
According to the agency, global energy markets, already tight due to uncertainty over Russian crude, may encounter further headwinds, with the combination of a European embargo on Russian oil and a demand rebound from China as Covid-19 lockdowns are lifted. The agency estimates that global supplies, which were already down by around 1 million barrels a day last month, might lose three times as much in the second half of the year.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationTOKYO, Japan: U.S. President Joe Biden said this week that he supports calls for Japan to become a permanent member ...
JAKARTA, Indonesia: Indonesia, this week, summoned the UK's ambassador to explain the raising of a gay rights flag at the ...
SAGAING, Myanmar - According to a source close to the victim's family, regime forces shot and killed a third-year medical ...
SHANGHAI, China: The central Shanghai district of Jingan, a key commercial area in China's financial hub, has announced that it ...
WASHINGTON D.C.: A leading U.S. official has said that even if Taiwan is excluded from President Joe Biden's Asian economic ...
LONDON, England: Citing a U.S. official, the Financial Times reported this week that during the Quad summit in Tokyo, the ...
SHANGHAI, China: Tesla plans to restore production at its Gigafactory 3 plant in Shanghai to pre-COVID-19 lockdown levels by this ...
NEW YORK, New York - U.S. stocks rose sharply for a second day Thursday, following a less hawkish outlook by ...
DETROIT, Michigan: As supplies of new cars and light trucks remain tight due to supply chain issues, U.S. consumers are ...
NEW YORK CITY, New York: The market for global online tutoring services is expected to grow from $21 million in ...
SYDNEY, NSW, Australia - Shares across Asia fell on Thursday, with the exception of the Chinese mainland market where modest ...
SANTIAGO, Chile: Easter Island, one of Chile's most important tourist attractions, will reopen to visitors on August 1, the government ...