Russia's Oil Production May Fall Below 10 Million Barrels a Day in 2023

According to Bloomberg, Russia's oil production may fall below 10 million barrels per day next year. Russia may find it difficult to find new markets for oil after the European sanctions on imports take effect.

According to the International Energy Agency (IEA), Russia has redirected more than a million barrels per day to India, China and Turkey. Instead, most of its traditional consumers refused to buy Russian oil after the full-scale invasion of Ukraine and the imposition of sanctions.

The agency predicts that Russia may lose production of about 2 million barrels per day compared to pre-war levels. As early as next year, the country could produce an average of 9.6 million barrels per day.