Russia’s oil output shrinks as U.S. raises pressure – Bloomberg
In January, oil production in Russia fell for the second month in a row as U.S. sanctions created difficulties in selling its output.
Bloomberg reported this, citing sources, Censor.NET reports.
Details
According to people familiar with the data, Russia produced an average of 9.28 million barrels of oil a day last month.
This figure, which excludes condensate production, is 46,000 barrels a day below December’s already reduced level and almost 300,000 barrels a day below what Russia is allowed to produce under its OPEC+ agreement.
Russia has classified its data on oil production, exports, and refinery operations, making an independent assessment of the situation more difficult.
The decline in production is occurring alongside growing stockpiles of Russian oil stored on tankers at sea. This indicates that some cargoes are taking a long time to find buyers amid mounting U.S. pressure on the Kremlin.
As the outlet writes, if Russia continues to cut production, it also risks losing its share of the global oil market.
