Russia's Oil Revenues Reach $15.8 Billion in January Despite US Sanctions

Russia's oil revenues surged by $900 million in January, totaling $15.8 billion, despite new U.S. sanctions targeting its oil sector, according to the International Energy Agency (IEA). The increase is attributed to rising oil prices and stable export volumes, with all Russian oil sold above the $60 per barrel price cap imposed by the West. The IEA reported that Russia's crude oil and oil product exports remained consistent with December levels at approximately 7.4 million barrels per day. Additionally, Russia's oil production rose by 100,000 barrels per day to 9.2 million, exceeding its OPEC+ quota. While these sanctions have created uncertainty, they have not yet significantly impacted global oil supply, as both Russian and Iranian oil flows continue largely unaffected. Furthermore, the IEA noted that Russia may adapt by employing new shipping methods to maintain its lucrative exports.