Russia Slashes Oil Production Amid Delivery Problems to India and China
UNITED24 Media••world
Key Points:
- Russia's oil production dropped sharply in December 2024 by over 100,000 barrels per day to 9.326 million barrels, marking the steepest decline since mid-2024 despite being allowed to increase output under OPEC+ agreements.
- The production cut is attributed to US sanctions disrupting sales to major buyers India and China, with a growing volume of crude oil remaining unsold at sea, increasing by about 30 million barrels since late November.
- Ukrainian attacks on Lukoil oil fields in the Caspian Sea may have further contributed to the production decline.
- Although tankers continue shipping around 4 million barrels per day from Russian ports, difficulties in selling the oil have intensified amid sanctions and logistical challenges.
