Russian Oil Output May Dip Further on Sanctions. But For How Long?

In January this year, the outgoing Biden administration slapped its last round of sanctions on Russia. They targeted specifically the shipping industry and the oil industry—and helped oil prices start the year with a gain. Now, these sanctions could cause a marked dip in Russian oil production. Yet it is unclear how long the dip would last. Reuters reported this week that it had talked to energy industry executives and traders who said Russia has no choice but to start crimping oil production because it doesn’t have enough sanction-free…