KEY POINTS
  • The IEA said Russia's estimated oil export revenues fell to $11.6 billion last month, down $2.7 billion from January when volumes were significantly higher.
  • "It remains to be seen if there will be sufficient appetite for Russian oil products now that the price cap is in place or if its production will start to fall under the weight of sanctions," the IEA said.
  • "Revenues are already dwindling," the energy agency added.
Russia announced that it would cut oil production by 500,000 barrels per day in March after the West slapped price caps on Russian oil and oil products.

The International Energy Agency on Wednesday said Russia's oil export revenues fell sharply in February, prompted by bans and price caps designed to curtail President Vladimir Putin's ability to finance the war in Ukraine.

The IEA said Russia's estimated oil export revenues fell to $11.6 billion last month, down $2.7 billion from January when volumes were significantly higher.