The IEA(International Energy Agency) reported on Wednesday that as Western nations tightened their sanctions against Russia, it’s crude oil export revenues fell by nearly half in February compared to the same month last year.
The United States is a member of the Organization for Economic Cooperation and Development (OECD). The OECD is a member of the Organization for Economic Cooperation and Development (OECD).
This was a decrease of $14.3 billion from January and a 42 percent decrease from February of last year’s $20 billion.
However, the IEA, which provides advice to rich countries, stated that Russia was still exporting “roughly the same” quantity of oil to international markets.
“This shows that the G7 sanctions regime has been effective in not restricting global crude and product supplies, while at the same time limiting Russia’s capacity to generate export revenue,” the IEA said.
With a significant decrease in shipping to the EU, Russian oil exports dropped by 500,000 barrels per day to 7.5 million bpd in February, but they were still very close to pre-war levels.
“Recent tanker tracking data suggest that Moscow has managed to re-route most of the barrels. Previously destined for the EU and US to new outlets in Asia, Africa and the Middle East,” the IEA said.
“Although it has been relatively successful in sustaining volumes, Russia’s oil revenue has taken a hit.”
Shipments to the EU plunged by 760,000 bpd to just 580,000 bpd, the IEA said.
Over the past year, 4.5 million bpd of Russian oil that used to go to the EU, North America and other members of the OECD had to find new customers, the Paris-based agency said.
