Russian Oil Output in Early April Drops Most in Almost Two Years
- The nation pumped 10.52 million b/d on April 1-6: calculations
- April output may fall 4%-5% from March, Novak said: Interfax
Russia, which accounts for about 10% of global production, has been under severe economic pressure since the invasion of Ukraine.
Source: Bloomberg
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Russia’s oil output dropped the most in almost two years in early April as some buyers looked elsewhere for their energy supplies following the invasion of Ukraine.
If this is maintained for the whole of the month, it would be a decline of about 500,000 barrels a day from March, the most profound drop in Russia’s output since it made deep cuts alongside OPEC+ in the initial stages of the Covid-19 pandemic.