Russia’s Oil Production Has Plunged Even As Its Revenue Climbs

Russian oil production has been falling since its invasion of Ukraine. Russia’s crude producers are struggling to place all their oil on the market—especially the European one—and domestic refinery throughput is also slumping amid lower demand.   Despite this, rising oil and gas prices have resulted in record-high oil and gas revenues for Russia. The biggest Russian oil producer, Rosneft, is also the biggest loser in the decline of oil production as it runs into difficulties with selling all its oil abroad and increasing…