Russia’s Oil Exports Are Set To Plunge Next Year

Nearly seven months after Russia’s invasion of Ukraine, Russian oil exports have been quite resilient and just 400,000 barrels per day (bpd) below pre-war levels.   But come December, Russian oil supply could plunge by more than one million bpd after the EU embargo on Russian oil imports by sea enters into force. In February, another one million bpd could then come offline due to the EU’s fuel embargo. So far this year, Russia has managed to divert a lot of cargoes previously sent to Europe to buyers in Asia, predominantly…