Russia’s oil output is plummeting, and the decline is expected to worsen in May. OPEC recently warned that markets could see the loss of more than 7 million barrels per day of Russian oil and other liquids exports. With many global producers constrained in their capacity to boost production fast, oil prices are likely to remain elevated for the foreseeable future. Russian oil production is falling. In March, it shed half a million bpd, which by the end of April reached a full 1 million bpd, according to BP’s CEO, Bernard Looney . And this may well grow to 2 million bpd this month. These barrels may not be returning to the market any time soon. As the European Union targeted a barrage of sanctions on Moscow, oil was excluded as a direct target but financial and maritime sanctions affected the industry. Now, the EU is proposing a full […]