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Russian Crude Oil Output Hits Lowest Level in Two Decades

share-iconTuesday, December 31 comment-icon3 weeks ago 7 views
News sources:
newsweekNEWSWEEK
Russian Crude Oil Output Hits Lowest Level in Two Decades

Credited from: NEWSWEEK

  • Russia's crude oil production has significantly decreased, averaging 1,254 metric tons per day in 2024, the lowest since 2005.
  • The decline is attributed to the impact of Ukrainian drone strikes, leading to repairs at oil refineries, which are at their lowest production levels since 2012.
  • As the third-largest oil producer globally, Russia's oil revenue is critical, accounting for over 12% of worldwide crude output.
  • Western sanctions and a $60 price cap on seaborne oil have aimed to limit Russia's funding post-invasion of Ukraine.
  • Analysts suggest that despite current challenges, Russia's oil industry could recover if equipment supplies improve and demand remains steady.

For more information, visit the original article here.

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