The International Energy Agency (IEA) report It reported a decline in oil exports from Russia in February to March 2023. According to the agency, 500,000 barrels per day fell due to the entry into force of the EU embargo.
“Russia’s oil exports fell by 500,000 barrels a day to 7.5 million barrels a day in February due to the entry into force of the EU’s embargo on petroleum products. Deliveries to the EU decreased by 800 thousand barrels per day to 600 thousand barrels. At the beginning of 2022, this figure was over 4 million barrels per day.
The document also says that deliveries to China and India have declined, while non-destination cargo has increased by 600,000 barrels per day. At the same time, export revenues decreased by $2.7 billion to $11.6 billion, 42% less than a year ago.
On March 2, the IEA announced that carbon dioxide (CO₂) emissions had reached a record level of 36.8 billion tonnes in 2022.
The decision to impose a ceiling on oil supply prices from Russia, adopted by the European Union countries, G7 countries and Australia, entered into force on December 5, 2022. The ceiling price has been set at $60 per barrel and will be reviewed regularly after January 15. Russia refused to accept the decision of the Western countries. On February 1, 2023, the Russian Federation began to ban the supply of Russian oil to countries using a ceiling price.