Russian oil exports hit record high since conflict with Ukraine

AFP quoted the IEA's monthly oil market report as saying that Russian oil exports increased by 50,000 barrels per day to 8.3 million barrels per day last month. "Indeed, Russia may be increasing production to compensate for lost revenue," the IEA said in the report.

Russia's oil export revenue rose by $1.7 billion to $15 billion in April, despite Western sanctions, according to the IEA.

An oil terminal at the port of Taman in Russia

The Moscow Time screenshot

In coordination with the European Union (EU), the G7 group of countries (including the US, Canada, the UK, France, Germany, Italy and Japan) and Australia have imposed price caps on Russian oil and crude oil products to cut off a key source of funding for Russia’s military campaign in Ukraine. The EU has also imposed an embargo on Russia’s key oil exports.

In response, Russia has threatened to stop selling oil to countries and companies that cap oil prices imposed by the US and EU. Russia has also announced a production cut of 500,000 barrels per day while its allies in the OPEC+ group of oil producers, including Saudi Arabia, have also agreed to cut production.

The IEA said Russia's crude oil output remained "steady" in April at 9.6 million barrels per day (bpd) and the country must cut another 300,000 bpd in May to comply with its own output limit.

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