Jens Asbjørn Bøgen
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Since the US and Israel launched Operation Epic Fury and started a war against Iran, the global oil prices have skyrocketted, sparking fears of a new energy crisis.
But if there is one man that is probably smiling during the energy turmoil, it is probably the Russian leader, Vladimir Putin.
New data shows Russia’s oil income rose sharply in March, even as the volume of exports declined.
Higher global prices helped offset weaker shipment levels, and dew data highlights shifting trade flows, with Asian buyers playing a central role in sustaining demand for Russian crude and refined products.
Rising revenues
According to the International Energy Agency (IEA), cited by the Russian news agency Interfax, Russia earned $19.04 billion from oil and petroleum product exports in March.
This marked an increase of $9.7 billion from February and $4.76 billion compared with the same month last year.
The rise came despite total export volumes falling to 7.13 million barrels per day (bpd), down by 320,000 bpd month-on-month and 300,000 bpd year-on-year.
The IEA attributed the revenue growth largely to higher oil prices, which climbed significantly during the period.
Price surge impact
According to Interfax, analysts from the IEA said Russian crude prices rose by $32.7 to reach $78.38 per barrel in March, influenced by ongoing conflict in the Middle East.
Crude oil exports averaged 4.62 million bpd, up from February by 270,000 bpd but still below March 2025 levels by 170,000 bpd.
Revenue from crude shipments totalled $11.45 billion, increasing by $5.41 billion from the previous month and $2.25 billion year-on-year.
Asia demand shift
India remained the largest buyer of Russian oil, importing 2 million bpd in March. This represented a sharp increase of 930,000 bpd compared with February.
The IEA noted that Russian crude was processed at 12 Indian refineries during the month, up from seven previously.
China ranked as the second-largest importer, purchasing 1.8 million bpd, underscoring Asia’s continued importance for Russian exports.
Sources: International Energy Agency (IEA), Interfax
