Lukoil Exec: Russia Should Cut Oil Production By 30% To Get Higher Prices

OilPrice.com | May 30, 2022 at 12:00 PM
  • 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.
  • Analysts reckon that Russia’s oil production could lose 3 million barrels per day (bpd) in the second half of 2022, and its production is set to be impacted for years by the sanctions its largest market—Europe—is imposing.
  • In its latest Oil Market Report this month, the International Energy Agency (IEA) estimated that Russia already shut in nearly 1 million bpd in April.