(Adnkronos) – Russian oil producers may be forced to drastically cut production in the coming months due to increasing pressure from the United States and the European Union on energy exports, which are causing overloaded depots and jeopardizing the Kremlin’s military budget.
According to analysis firm Kpler, cited by Ukrinform, Russian seaborne oil exports fell from 3.8 million barrels per day in December to approximately 2.8 million in February, while stocks stored on ships reached a record level of over 150 million barrels. The reduction in purchases, especially by India, the main importer, is slowing down logistics and forcing some crude oil into domestic depots, whose capacity is limited.
Rystad Energy estimates that Russian production could decrease by approximately 300,000 barrels per day between March and May due to these logistical issues. Oil and gas revenues, which account for almost a quarter of the federal budget, have already fallen by half compared to the same period last year, marking the lowest levels since July 2020.
