Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo

Russia’s crude oil production could drop to its lowest level since 2004 if the EU imposes an embargo on imports of Russian oil, according to estimates from the International Energy Agency (IEA) and The Wall Street Journal. The tightening screws on Russian oil exports and the self-sanctioning of buyers in the West could see oil production plummeting by more than 1 million barrels per day (bpd) this year compared to 2021, to 9.6 million bpd, the Journal notes, citing data from the IEA’s monthly market report published today. This would…