Rosneft production will decrease until spring

Russian raw oil production will decrease by 2 million barrels per day by the end of the first quarter of 2023.

The EU ban on the import of russian oil on December 5 and Russian oil products on February 5 deprives russia of significant oil revenues. Russia will have to look for new importers to keep oil production afloat, Reuters reports.

“Russian oil must be replaced. We expect that at the end of the first quarter of 2023, russian federation will lose oil production by 2 million bpd. But there are other factors, such as demand, which largely depends on the global economy, especially the Chinese economy,” said Fatih Birol, head of the International Energy Agency.