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IEA: Russia’s oil revenues have risen by 50% in the first months of 2022

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Russia’s oil revenues have risen 50 percent this year, despite the fact that many importers have been forced to refuse to supply Russian oil since the invasion of Ukraine began. This was reported by Bloomberg on Thursday, citing a report by the International Energy Agency (IEA).

According to the report, Russia earns about $ 20 billion a month from combined sales of oil and petroleum products. Russian deliveries continue even despite EU negotiations to ban imports. Asia is still interested in buying Russian oil, while China and India are buying those goods that are not currently needed in Europe.

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The IEA, which advises major economies, has largely left global oil sales forecasts unchanged: global fuel markets are tightly connected and could face additional “stress” in the coming months.

However, Moscow continues to make extraordinary financial gains compared to the first four months of 2021. Despite public condemnation and the imposition of sanctions against Russia, total revenues from oil exports have increased by 50% this year. report.

However, the IEA considers this profitability to be temporary. The agency believes that a total ban on Russian oil imports could force Russian companies to close more wells. of oil

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