Russia’s income from crude oil and refined fuel exports surged sharply in March, nearly doubling compared to the previous month as global oil prices climbed amid escalating tensions linked to the Iran conflict, according to a report by the International Energy Agency (IEA).

The agency estimated that Moscow earned around $19 billion from energy exports during March, up from $9.75 billion recorded in February — a month that marked Russia’s weakest oil revenue performance since the start of the Ukraine war in 2022.

The recovery was largely driven by higher international crude prices fueled by geopolitical instability in the Middle East, which tightened global supply expectations and pushed energy markets upward.

IEA data showed that Russia’s crude oil exports increased by approximately 270,000 barrels per day, reaching 4.6 million barrels per day during March. The rise was mainly supported by stronger seaborne shipments, as flows through the Druzhba pipeline remained disrupted. Oil deliveries through the pipeline to Hungary and Slovakia via Ukrainian territory have stayed suspended since infrastructure attacks earlier this year.

Russia also raised its crude production levels, which climbed to about 8.96 million barrels per day in March compared to 8.67 million barrels per day a month earlier. Despite the increase, the IEA warned that further production growth could remain limited due to ongoing damage to key energy facilities.

According to the report, Ukrainian drone strikes have repeatedly targeted Russian refinery sites as well as ports in the Baltic and Black Sea regions, creating operational risks and logistical challenges for exports.

Energy exports continue to serve as a critical source of funding for Russia’s national budget and remain central to sustaining government spending, including rising military expenditures.