Russia may be forced to cut oil output in the coming months as US sanctions make it difficult to transport it by tanker to Asia and Ukrainian drones attack refineries, Reuters reported, quoted by BTA.
The United States imposed sanctions last month targeting 180 Russian tankers, and Kiev has stepped up drone attacks amid expectations that US President Donald Trump will pressure Russian leader Vladimir Putin to negotiate an end to the war in Ukraine.
Trump has said that stopping the conflict is a priority and he may impose new sanctions on Russia if it does not achieve its goals.
Three Senior Russian oil company officials, speaking on condition of anonymity because of the sensitivity of the subject, said the situation was clear: Russia had no choice but to slow down oil production.
Russia is facing a glut of crude oil due to falling exports and reduced refining, and this problem can be solved by cutting output, they said. Russia has little storage capacity, and Ukraine has attacked some of those facilities with drones in recent weeks.
The output cut could start small, falling to below 9 million barrels per day in the coming months. This process could accelerate with a shortage of tankers and a continued decline in refining, they said.