The impacts of Western sanctions have started to reflect on daily oil production in Russia, with the latest figures indicating a drop in monthly output for April, data from OilX consultancy company confirmed.
Oil production averaged 10.1 million barrels a day between April 1 and April 19, with the average production for the month forecast at 10 million barrels a day, down from the March average of 11.01 million barrels a day.
According to data from OilX using imaging data from NASA satellites, although Russia's production has stabilized in the last few days, the April average is around 895,000 barrels per day or 8.1% below the average for March.
OilX estimates if the current rate of decline continues, production on the last day of April will drop to 9.8 million barrels a day, with the monthly average forecast at 10 million barrels a day.
Data from the International Energy Agency showed that total oil production in Russia stood at 11.3 million barrels a day in January.
Russia is the world’s third-largest oil producer behind the United States and Saudi Arabia and is the largest oil exporter.
Oil export revenue accounts for one-third of the total revenues of the Russian federal budget.
By Nuran Erkul Kaya
Anadolu Agency
energy@aa.com.tr