Russia’s oil revenues from crude and petroleum product sales rose by $900 million in January compared to December, reaching $15.8 billion. This increase was driven by higher oil prices and stable export volumes despite sanctions.
This was reported in the International Energy Agency (IEA)'s monthly report.
The agency stated that last month, all Russian oil was sold at prices exceeding the $60 per barrel cap imposed by the West.
The United States imposed its broadest package of sanctions in early January against Russian oil companies and tankers transporting Russian oil due to Moscow’s war against Ukraine. Some of these sanctions will take effect later in February or March.
"New U.S. sanctions on Russia and Iran shook markets at the beginning of the year, but they have not yet had a significant impact on global oil supplies," the IEA report stated.
According to the IEA, U.S. restrictions targeted blacklisted tankers that last year transported around 1.5 million barrels of Russian crude oil per day and about 200,000 barrels of petroleum products per day.
The IEA noted that despite extensive Western energy sanctions, Moscow is likely to find new fraudulent shipping methods to maintain its lucrative oil exports.
Data from the IEA showed that Russia’s crude oil and petroleum product exports remained steady compared to December, averaging 7.4 million barrels per day in January.
Russia’s oil production increased by 100,000 barrels per day last month to 9.2 million barrels per day, exceeding its OPEC+ quota of 8.98 million barrels per day.
For 2025, Russia’s oil output is projected to average 9.25 million barrels per day, only 150,000 barrels per day lower than the previous month’s forecast.
Russia’s crude oil exports were partially supported by reduced domestic consumption following successful Ukrainian drone attacks on refineries. As a result, the IEA revised its first-quarter oil refining forecast for Russia downward by 170,000 barrels per day due to these attacks.
