Russian Oil Production Dips as U.S. Sanctions Bite ...Middle East

Russia’s crude oil production dipped to 9.326 million barrels (bpd) in December, down by over 100,000 bpd from November and nearly 250,000 bpd lower than Moscow’s OPEC+ quota, sources familiar with classified government data told Bloomberg on Friday. The fresh U.S. sanctions on Russia’s top producers Rosneft and Lukoil drove the lower crude output at the end of last year. Russian crude volumes accumulated in floating storage amid buyer hesitancy, low spare storage capacity onshore, and Ukrainian drone attacks on export and refining…

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