Russia’s Oil Production Could Drop By 1.4 Million Bpd In 2023

Russia’s oil production could drop by 1.4 million barrels per day (bpd) in 2023 after the EU embargo on crude oil imports by sea kicks in next month, according to the International Energy Agency (IEA).   The EU had reduced its crude oil imports from Russia to 1.4 million bpd by October, but once the embargo takes effect, Moscow could struggle to place those barrels with its current biggest buyers China, India, and Turkey, as no significant buying outside those countries has appeared despite massive discounts, the IEA said in its Oil…