Russia’s revenues from crude oil and refined products rebounded sharply in March, nearly doubling to $19 billion from $9.75 billion in February 2026 as global oil prices surged after US President Donald Trump declared war on Iran, Reuters reported.
The rebound comes after February marked the lowest level for Russia’s oil and fuel export earnings since the start of the Ukraine war in 2022.
Rising global crude prices, driven by geopolitical tensions in the Middle East, played a key role in lifting Moscow’s energy revenues.
The IEA said Russia’s crude oil exports rose by 270,000 barrels per day in March to 4.6 million barrels per day, mainly supported by stronger seaborne shipments as the Druzhba pipeline remained offline. Flows through the pipeline to Hungary and Slovakia through Ukrainian territory have remained shut since infrastructure attacks at the end of January.
Russia’s crude production also increased to 8.96 million barrels per day, up from 8.67 million barrels per day in February, according to the IEA. However, the agency cautioned that further output growth may remain constrained in the near term because of continued damage to port and energy infrastructure.
The report noted that Russian Baltic and Black Sea ports, along with refinery infrastructure, have been repeatedly hit by Ukrainian drone strikes, creating additional operational risks. Energy revenues remain a crucial part of Russia’s state budget and are considered vital for supporting rising military expenditures.
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