Russia reduced oil production in April - Caused by Ukrainian drone attacks on ports and refineries
Russia was forced to cut oil production in April due to Ukrainian drone attacks on ports and refineries, as well as a halt to crude oil supplies through Russia's only remaining oil pipeline to Europe. In what could be the sharpest monthly drop in Russian output in six years since the COVID pandemic, Russia may have cut output by about 300,000 to 400,000 barrels per day in April, from the average level seen in the first months of the year, the sources said.
Oil, extracted mainly from fields across the West Siberian Basin, is the lifeblood of Russia's $3 trillion economy, so a drop in production reduces revenue for the world's second-largest exporter.
However, potential losses could be mitigated by the war with Iran, which has caused a supply and production crisis for the global oil market. Russia's Finance Minister, Anton Siluanov, said last Thursday that higher prices would help reduce the budget deficit.
In recent weeks, Ukraine launched a wave of drone attacks on Russia's largest western oil ports, causing large fires and also attacking refineries.
"Against the backdrop of continued attacks on Russia's ports and refineries, it will be difficult to crack down on oil without reducing production, especially with upcoming maintenance shutdowns in the spring," one of the sources told Reuters.
Russia classified oil production data as secret shortly after the start of the war in Ukraine in 2022, citing national security. Russia's energy ministry declined to comment.
Russian oil production peaked in the late 1980s, but declined sharply after the collapse of the Soviet Union in 1991 due to a lack of investment. It then recovered in the 2000s and 2010s, reaching a post-Soviet peak in 2019, just before the COVID pandemic.
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