Russia’s Oil Revenue Drops Sharply as Price Caps Work, IEA Says
- Russia sold crude for average $52.48/barrel on FOB basis: IEA
- The nation’s Feb. oil exports dropped to lowest since Sept.
This article is for subscribers only.
Russia’s oil-export revenue fell to lowest in more than a year in February as buyers of the nation’s barrels largely complied with price caps and sanctions, according to the International Energy Agency.
The flow of money into the country from international oil sales fell to $11.6 billion last month, down more than 40% from a year earlier, according to the IEA. February crude oil and product exports averaged 7.5 million barrels a day, the lowest since September, the agency estimated.