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Monday, January 30, 2023
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Russia Retaliates to European Sanctions – Threats of Significant Reduction in Daily Oil Production

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This is the lowest estimate than the one that had been made by market analysts

Russian oil production could fall by 500,000 to 1 million barrels per day in early 2023, in retaliation for the implementation of the “ban” on Russian crude imports imposed by the European Union, as revealed to Reuters by two sources from major Russian producers, who requested anonymity.

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The EU-imposed ban begins next Monday, December 5.

This is the lowest estimate than the one that had been made by market analysts.

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Alexei Kokin of Russian bank Otkritie broadly agreed with this assessment of the potential impact of Western measures on Russian production.

The West wants to pressure Russia economically. Exports of crude, natural gas and petroleum products account for the majority of Russia’s revenue, which remained high as production and sales shutdowns following Western sanctions more than offset high prices in international markets.

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