A combination of sanctions and an oil major exodus in the wake of its invasion of Ukraine has caused Russian oil production to plunge. While higher oil and natural gas prices have sent its revenues to new highs, its production is likely to shrink significantly in the long term. Analysts believe the country could lose up to 3 million barrels per day of production in the second half of the year, but Russia claims it is boosting production already. Russian oil production has been falling since its invasion of Ukraine. Russia’s crude producers are struggling to place all their oil on the market—especially the European one—and domestic refinery throughput is also slumping amid lower demand. Despite this, rising oil and gas prices have resulted in record-high oil and gas revenues for Russia. The biggest Russian oil producer, Rosneft, is also the biggest loser in the decline of oil production […]