For the first time since July 2020, Russia’s crude oil production has slipped below the 10 million bpd mark on Monday, two anonymous Reuters sources suggested. The decline in Russia’s crude oil production is largely the result of sanctioning and self-sanctioning from Russia’s usual oil clientele and the logistical issues created by those actions, including payment issues and lack of storage availability. So far in April, Russia’s average crude oil production for the first 11 days of April came in at 10.32 million bpd—a decline of 6% from March levels. But the trend is downward, with Russia’s crude production for April 1 to April 6 averaging 10.52 million bpd. Russia’s crude production quota set by OPEC+ for the month of May was 10.549 million bpd, on par with the level assigned to Saudi Arabia. But Russia’s trade surplus for Q1 this year more than doubled from Q1 2021 as […]