Energy
Russia Cuts Oil Drilling as Money Dries Up, With Output at Risk
Oil pumping jacks in an oilfield near Dyurtyuli, Russia.
Photographer: Bloomberg
Russia’s oil producers reduced the pace of drilling in 2025 to the lowest level in three years, dimming the outlook for output growth this year as Western sanctions and a strong ruble undercut revenue.
Rigs drilled about 29,140 kilometers of production wells in the country last year, down 3.4% from 2024, according to industry data seen by Bloomberg News. After reaching record rates in the first months of 2025, activity started to slow in June and slumped about 16% in December from a year earlier, the data show.