EIA: Russia’s oil output could fall 18 percent by the end of next year. The EIA forecasts that Russian oil output will decline from 11.3 million bpd in the first quarter of 2022 to 9.3 million bpd in the final quarter of 2023. The European Union earlier this month agreed to embargo all seaborne imports of Russian crude oil within six months. Russia’s crude oil output could decline by 18 percent by the end of next year, the U.S. Energy Information Administration has forecast, citing the European Union’s planned embargo on Russian oil imports. The U.S. energy authority forecasts that Russian oil output will decline from 11.3 million bpd in the first quarter of 2022 to 9.3 million bpd in the final quarter of 2023 as a result of the EU embargo on both crude oil and refined product imports. The agency noted, however, that “This forecast does not […]