PARIS — Western pressure on Russia over its invasion of Ukraine slashed the country’s crude oil production by 9% in April and reshaped global oil markets as Russia searches for new buyers for its operations. production activities outside the West, the International Energy Agency said.
Russia’s lost supply amounted to 900,000 bpd in April and is expected to increase by another 600,000 bpd this month – totaling about 1.5% of the world’s oil production as the invasion begins. head. The IEA said an oil embargo, which is being viewed by the European Union as the biggest destination for Russian crude, would likely push losses up to 3 million bpd from July, bringing the country’s oil production to a halt. Russia fell to its lowest level in nearly two decades, the IEA said in its monthly report on Thursday.
https://www.wsj.com/articles/eu-oil-embargo-would-push-russian-crude-output-to-18-year-low-iea-says-11652349785?mod=rss_markets_main Russian Oil Output Shrinks Under Western Pressure