Russia’s Oil Revenues Rise $6.3 Billion as High Prices Offset Production Declines Russia’s oil export revenues reached $19.18 billion in April, a $6.28 billion increase from the same month a year earlier, according to the International Energy Agency’s monthly market report for May. The rise occurred despite a decline in total output of 460,000 barrels per day (bpd) to 8.8 million bpd, and a 90,000 bpd drop in exports to an average of 7.03 million bpd, the report stated. The revenue surge followed the onset of the U.S.-Israeli war with Iran and the subsequent de facto closure of the Strait…

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