Despite the increase, sales revenue was down compared to the same time a year ago.
According to the International Energy Agency (IEA), Russia’s oil exports in April reached the highest level since the start of the war of aggression. According to the organization’s monthly oil market report, exports rose by 50,000 barrels per day to 8.3 million.
A barrel is a unit of measurement in the oil trade. Its volume is about 159 liters.
The IEA thinks Russia has not fully implemented its threat to cut its production, but may try to compensate for lower profits by increasing volumes. Despite the increase, sales revenue was down compared to the same time a year ago.
Sanctions imposed because of the war in Ukraine include, among other things, a ban and price caps on the import of crude oil and oil products from Russia. Russia responded to the sanctions by announcing, inter alia, that it would cut its production.
According to the IEA, about 80 percent of Russian crude oil goes to China and India.
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