Russian oil exports in March reached their highest level since April 2020 despite the sanctions imposed on Moscow, but their revenues declined from what they were a year ago, according to the International Energy Agency (IEA) on Friday.

In its monthly oil market report, the IEA said that despite harsh sanctions imposed by the European Union and the Group of Seven, total oil shipments from Russia rose in March by 600,000 barrels per day and reached 8.1 million barrels per day, the highest level since April. 2020.

The agency said that the bulk of the increase was attributed to refined petroleum products, which rose by 450,000 barrels per day to reach 3.1 million barrels.

In its latest monthly report, the agency said, "In March, Russian oil exports reached their highest level since April 2020, thanks to an increase in the flow of products, which returned to levels last seen before the Russian invasion of Ukraine."

She explained that Russia's revenues rose last month by $1 billion to $12.7 billion, but it remained 43 percent lower than last year.

The International Energy Agency said shipments of oil products destined for the European Union almost doubled between February and March to 300,000 barrels per day, but are down about 1.5 million compared to pre-war levels.

Diesel shipments to Turkey, which has refused to take part in imposing Western sanctions on Moscow, are at their highest levels since 2018.

Despite international sanctions targeting its oil, Russia has redirected its hydrocarbon exports to other countries, such as India.

The Organization of Petroleum Exporting Countries (OPEC) said Thursday, quoting data from the analysis company specialized in raw materials, "Kpler", that "Russia was the largest supplier of crude oil to India in February for the eighth month in a row, with a share of about 38 percent."

The European Union imposed an embargo on seaborne shipments of Russian oil in December, along with a $60 a barrel price cap for worldwide exports agreed between the G7 and Australia.

The European Union also imposed an embargo on Russian oil products in February and agreed with the Group of Seven on a price cap of $100 a barrel for more expensive fuels such as diesel and $45 for lower-quality products such as fuel oil.

The measures aim to strip Russia, one of the world's largest energy producers, of a major source of revenue for its war effort.

Russia responded to Western sanctions by reducing its production by 500 thousand barrels per day. Its partners in "OPEC Plus" shocked the markets by announcing production cuts earlier this month.

But Russia missed its target in March as production fell by 290,000 barrels per day, according to the International Energy Agency.

The agency said that the cuts made by several members of OPEC Plus, led by Saudi Arabia, threaten to raise the prices of crude and oil products.

"Consumers who are currently besieged by inflation will suffer more from higher prices, especially in emerging and developing economies," said the agency, which advises developed countries.

The total cuts amounted to 1.7 million barrels per day, in addition to a reduction of two million barrels per day agreed by OPEC+ in November.

The International Energy Agency said the move threatened to "exacerbate an expected oil supply deficit" in the second half of the year.
After the announcement, oil prices rose. This is while crude oil prices have fallen in recent months after rising following the Russian invasion of Ukraine last year.