Russia prepares to cut oil production due to sanctions and drone attacks, Reuters reports
Russia is facing the threat of a reduction in oil production due to US sanctions and Ukrainian drone attacks.
Source: Reuters
Details: Reuters noted that the US sanctions have complicated access to tankers supplying oil to Asia, while drone strikes have damaged refineries, reducing domestic refining.
Washington imposed restrictions on 180 Russian tankers in January. During the same period, Kyiv has stepped up drone attacks on oil refineries in an attempt to strengthen its negotiating position.
"Russia will have no choice but to slow oil production," said the heads of Russian oil companies. They believe that the country is accumulating a surplus of oil and storage capacity is limited. Some of the tanks have been destroyed in the Ukrainian attacks.
Exports through the ports of Primorsk, Ust-Luga and Novorossiysk fell by 17% in January compared to the same period in 2024. Russia has stopped publishing official data on shipments, although traders and analysts have reported a decline in exports.
Reuters reported that the cost of transporting cargo from the Russian Pacific port of Kozmino to China rose fivefold in January. According to maritime analyst Windward, downtime and drifting of ships carrying Russian fuel in certain areas increased by 300%.
Background:
The US sanctions against the Russian oil fleet pose serious problems for the country's exports.
In January, oil revenues to the Russian state budget were close to their annual minimum due to cheaper oil and higher payments to state-owned oil refineries.
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