Russia Oil Revenue Hits $19 Billion Amid US Waiver

Russian oil export revenue reached $19 billion in March, nearly doubling from the February low of $9.75 billion. This surge followed a decision by the United States Department of the Treasury to issue a temporary sanctions waiver for the sale and delivery of Russian crude and petroleum products loaded onto ships between March 12 and April 11. The waiver aimed to stabilize energy markets during Middle East conflicts and was supported by President Donald Trump and Treasury Secretary Scott Bessent.

Total oil exports rose to 7.1 million barrels per day, while crude production increased to 8.96 million barrels per day. The increase in maritime shipments occurred because the Druzhba pipeline remained offline after infrastructure attacks in January.

The International Energy Agency reported that higher global oil prices further drove the revenue growth. However, the agency warned that production growth may plateau as Ukrainian drone strikes continue to degrade Russian energy and port infrastructure, suggesting that demand destruction could spread if scarcity and higher prices persist.