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Russian Production Weakens Against Sanctioning

OIL

Russian crude output fell in April by nearly 9% from the previous month, according to an internal OPEC+ report:

  • Russia's oil output stood at 9.16 million barrels per day (bpd) in April, down around 860,000 bpd from March based on secondary sources recorded by OPEC+.
  • Russian production and exports are being impacted by sanctions as well as self-sanctioning, but a higher priced energy market is helping Russia to generate greater revenues despite selling crude to the international market at significant discounts.
  • Russia’s oil and gas revenue was 1.81 trillion roubles ($27.92 billion) in April, compared to a total 2.97 trillion roubles for the first three months of the year, according to the finance ministry.
  • If the EU can get an oil ban over the line, Russia is likely to be forced to lower crude output even further. The EU countries being offered exemptions only represent a small volume of EU crude imports from Russia.

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