. The International Energy Agency (IEA) predicts that the fall in oil production in Russia due to sanctions in April will be 1.5 million barrels per day and rise to 3 million barrels per day the following month. “Losses are expected to rise to an average of 1.5 million barrels per day during the month as Russian refineries continue to cut production, more buyers are giving up Russian oil, and the country’s storage facilities are filling up,” reported IEA. Starting in May, Russia’s oil production could fall by 3 million barrels a day due to international sanctions and an embargo targeted at Russian oil buyers goes into effect.
Russia faces a significant oil production decrease due to sanctions
The EU lifted restrictions on the export of grain and oil from Russia to third countries.