Russia May Lose Up To A Third Of Oil Production

On April 11, production fell below a two-year low.

For two weeks in April, the oil industry of the Russian Federation lost 7.4% of daily production. According to forecasts, the production of the key export commodity of the Russian Federation will only fall.

The Moscow Times reports it.

Daily oil production in the Russian Federation decreased by more than 800,000 barrels (7.4%) in mid-April.

Already by April 4, the decline was at the level of about 450 thousand barrels per day. The decline doubled in 10 days, out of 11.01 million barrels per day, 10.2 million remained, according to Russian media.

A Reuters source familiar with the data claims that on Monday, April 11, production had already fallen to 9.76 million barrels per day. That's the two-year minimum.

The maximum loss is almost 15%. Such losses are borne by Rosneft, which pumps 2.87 million barrels per day (in March it was 3.35 million).

Oil companies are forced to shut down wells due to The severe contraction in demand for the Russian Urals oil. Today it is sold at $35 per barrel with a record-breaking discount.

Shell, BP, Eni and TotalEnergies completely abandoned Russian oil, and the 15 largest oil traders announced purchases reductions in May.

The situation with China is similar. The customs statistics for March showed that imports from Russia are even lower than at the end of last year ($8 billion against $9 billion).

Indian Oil Corporation, India's largest oil refiner, has excluded Urals oil from tenders for May, despite discounts.

The International Energy Agency predicts that Russia will lose up to a third of its oil production, or 3 million barrels a day and the oil industry will be thrown back to its 2004 state.