Russian oil exports reached a near all-time high last month despite a slump in revenues as it reshuffled its trading patterns to service new customers in Asia, according to the International Energy Agency.

The IEA said that Russian exports of a “lofty” 8.2m barrels per day were better than expected and near the pre-war all-time high of February 2020.

The Paris-based organisation said that price caps imposed by the G7 group of countries had appeared to have kept Russian oil flowing.