According to the International Energy Agency (IEA), Russia's oil and fuel export revenues nearly doubled to $19.04 billion in March 2023, up from $9.75 billion in February. This significant rebound follows a period of low revenues, attributed to the impact of the Ukraine war. The rise in revenues is largely due to increased global oil prices, influenced by the ongoing conflict in the Middle East. In March, Russia's crude oil exports rose by 270,000 barrels per day to reach 4.6 million bpd, primarily driven by higher seaborne shipments, as pipeline exports through the Druzhba pipeline remained offline. Additionally, crude production increased to 8.96 million bpd from 8.67 million bpd in February. However, the IEA warns that Russia may face challenges in further increasing output due to damage to ports and energy infrastructure from ongoing attacks.