Oil exports from Russia decrease 3.9% in Feb vs. Jan, to 4.9 mln bpd, petroleum products exports down 16% to 2.6 mln bpd - IEA

MOSCOW. March 15 (Interfax) - Exports of Russian oil and petroleum products fell 500,000 bpd in February to 7.5 million bpd day after the EU embargo on petroleum products came into force, the International Energy Agency said in a report.

Oil sales fell 200,000 bpd to 4.9 million bpd, down 3.9% from January but up 2% YoY. The export of petroleum products had a larger decrease of 500 thousand bpd to 2.6 million bpd, 16% down compared to the previous month.

Deliveries to the EU fell 800,000 bpd to 600,000 bpd from more than 4 million bpd at the start of 2022. Shipments to China and India also declined, while non-destination shipments rose 600,000 bpd to 800,000 bpd. Meanwhile, exports to India increased 1.6 million bpd YoY, and to China by 500 million bpd. In February, Russia accounted for about 40% and 20% of Indian and Chinese oil imports, respectively. China and India together accounted for more than 70% of Russian exports of crude oil last month.

In February, exports of Russian petroleum products to the EU and G7 allies fell by almost 2 million bpd compared to pre-Ukraine conflict levels. At the same time, exports to Asia grew by almost 300,000 bpd, deliveries to Africa, Turkey and the Middle East increased by 300,000 bpd, 240,000 bpd and 175,000 bpd, respectively.

Russia's oil export revenues fell $2.7 billion from January to $11.6 billion, down 42% from a year ago, the agency said.