Western Sanctions and Price Cap Impact Exports
Since sending troops into Ukraine over a year ago, Russia has significantly reduced its energy exports. This is partly due to the imposition of Western sanctions and a price cap on Russian oil.
Diverting Oil to India and China, Output Cut Planned
Although Russia has been able to redirect some of its oil to major buyers like India and China, Moscow announced in February that it would cut output by 500,000 barrels per day in response to the price cap.
LATEST: Russia's Energy Minister Shulginov has announced that Russian oil production will decline in 2023, according to TASS.
— Paryte (@Parytecom) March 15, 2023
Voluntary Production Cut to Lower 2023 Output
Shulginov, while addressing the State Duma, noted that oil production levels in 2023 are expected to be lower, partially due to the voluntary production cut, as reported by the TASS news agency.
