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How to Make Sense of Russia’s Contradictory Oil Data

  • Production is falling yet seaborne shipments have jumped
  • Russia’s refineries are slowing, diverting crude for export

Data on Russia’s oil industry can be downright confusing. 

The country has been entangled in a web of restrictions since the invasion of Ukraine, from outright import bans to shipping problems and buyers’ strikes. The real impact of these overlapping measures is hard to gauge, with key statistics pointing in different directions.