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Russia’s commercial revenues from crude oil and oil products rose by $900 million in January compared to December, reaching $15.8 billion, according to the International Energy Agency (IEA).
The increase was driven by higher oil prices and stable export volumes, despite the ongoing U.S. sanctions on Russian oil entities, which were expanded in early January as part of measures related to the Ukraine conflict. Some sanctions are set to take effect later in February or March.
The IEA’s monthly report highlighted that U.S. sanctions on both Russia and Iran had caused market turbulence at the start of the year, but their impact on global oil supply has been limited so far. Iranian oil exports have only slightly decreased, while Russian oil flows have remained largely unaffected.
In January, Russia’s crude oil and oil product exports remained steady at about 7.4 million barrels per day, matching December’s figures. Crude oil exports saw a slight increase, rising by 100,000 barrels per day to 4.6 million barrels per day, while oil product exports fell by the same amount to 2.8 million barrels per day.
Year-on-year, Russia’s crude oil and oil product exports fell by 60,000 barrels per day in January. However, the IEA noted that all of Russia’s oil sales in January were priced above the $60-per-barrel Western-imposed price cap.
Russia’s oil production in January rose by 100,000 barrels per day to 9.2 million barrels per day, surpassing the OPEC+ production limit of 8.98 million barrels per day. In contrast, OPEC reported a slight decline in Russia’s crude oil output, dropping 0.3% to 8.977 million barrels per day in January, down from 9.004 million barrels per day in December.
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