MOSCOW, April 14 (Reuters) - Russia's revenues from crude oil and refined products rose in March, rebounding from February when they fell to their lowest level since the start of the Ukraine conflict
IEA: Russia's Oil Export Revenues Nearly Double in March Amid Price Surge
Russia's Oil Revenues and Export Dynamics in March
Rebound in Revenues and Contributing Factors
MOSCOW, April 14 (Reuters) - Russia's revenues from crude oil and refined products rose in March, rebounding from February when they fell to their lowest level since the start of the Ukraine conflict https://www.reuters.com/world/ukraine-russia-war/ in 2022, as prices surged due to the Iran war https://www.reuters.com/world/iran/, the International Energy Agency said on Tuesday.
Russia's commodity revenues are a vital part of the state budget and are needed to support rising military spending.
Export Volumes and Infrastructure Status
Increase in Crude Oil Exports
The Paris-based IEA said Russia's crude oil exports rose by 270,000 barrels per day last month from February to 4.6 million bpd, mostly driven by higher seaborne shipments as the Druzhba pipeline remained offline.
Druzhba Pipeline Disruptions
Flows via the Druzhba nL8N3ZZ110 pipeline to Hungary and Slovakia across Ukrainian territory have remained shut following the attacks on the pipeline infrastructure at the end of January.
Revenue Surge and Production Trends
Doubling of Export Revenues
The IEA also said Russia's oil and oil product export revenues nearly doubled, to $19 billion in March from $9.75 billion in February as global oil prices surged.
Crude Oil Production Increase
It said that Russia's crude production increased last month to 8.96 million bpd from 8.67 million bpd in February.
Challenges to Further Production Growth
The agency also said that Russia may struggle to increase oil production above the levels seen in early first quarter in the near term given damage to port and energy infrastructure.
Russian Baltic and Black Sea ports and refineries have been repeatedly damaged by Ukrainian drone strikes.
(Reporting by Reuters, Editing by Louise Heavens)
