Demand for oil is plummeting - but Russia is rushing exports

The IEA also notes that Russia's oil export revenues almost doubled in March after the US eased restrictions on Russian oil exports.

According to the IEA, Russia's oil revenues amounted to $19 billion last month, as export volumes in March rose by 320,000 barrels a day compared with the previous month, to 7.1 million barrels a day.

Correction: An earlier version of this text misstated how large Russia's increase was.