.jpg)
1 hour ago
2
Article content
(Bloomberg) — Russia’s oil-export revenue shrank in February to the lowest since its invasion of Ukraine after Western sanctions curbed sales and forced deeper price discounts, while Kyiv continued attacks on oil infrastructure, the International Energy Agency said.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The nation earned $9.5 billion from exporting crude oil and petroleum products last month, a $1.5 billion drop from January, the Paris-based agency said in its monthly market report on Thursday. Total oil exports plunged by 850,000 barrels a day to 6.6 million barrels a day, also the lowest level since the Kremlin’s full-scale invasion of Ukraine in early 2022, the IEA estimated.
Article content
Article content
Article content
The drop in February followed deepening discounts on Russian crude as the US increased pressure on Moscow, making it more difficult for nation’s producers to market their barrels.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
At the same time, Ukrainian attacks on Russia’s oil infrastructure and fuel-producing plants reduced the nation’s refinery runs by about 300,000 barrels a day to 5.1 million barrels a day in February and also contributed to drop in crude exports, the IEA said.
Article content
As a result, Russia’s daily crude output fell 710,000 barrels to 8.55 million barrels, according to the IEA report. That’s 1 million barrels a day lower than the nation was allowed to pump in February under its agreement with the Organization of the Petroleum Exporting Countries and its allies.
Article content
Earlier this week, OPEC estimated Russia’s daily crude output at 9.184 million barrels in February.
Article content
The conflict in the Middle East may increase demand for Russian oil, as several regional producers cut their production, the IEA said. Still, the agency kept its outlook for Russian crude production unchanged, averaging 9.3 million barrels a day for the remainder of 2026.
Article content
Advertisement 1
English (US)