Russian Oil Production Falls Almost 9% In April Amid Ukraine War

Russia’s crude oil production plunged by almost 9 percent in April to average just 9.16 million barrels per day (bpd), more than 1 million below the country’s quota in the OPEC+ deal, Reuters reported on Tuesday, quoting an internal report of OPEC+ secondary sources it had seen. The estimated 9.16 million bpd crude production for last month compares to a 10.436 million bpd quota Russia had for April under the OPEC+ agreement. This suggests that Russia was already 1.276 million bpd short of its quota last month, and losses are likely…