Sanctions imposed on imports of Russian oil seem to have a minimal effect on the country’s oil production.
According to its monthly oil report, the International Energy Agency (IEA) suggests Russia’s oil production fell by just 310,000 barrels a day below pre-war levels while the total amount of oil the country exported was down by about 580,000 barrels a day.
The data shows that despite the existing sanctions, the combination of the rerouting of flows to India, China, Turkey and other countries and the higher Russian domestic demand have mitigated losses.
The IEA suggests exports of crude and oil products to Europe, the US, Japan and Korea have fallen nearly 2.2 million barrels a day since the Russian invasion of Ukraine.
The latest report by Eurostat suggested nearly 24.8% of EU oil imports in 2021 and 25.7% in 2020 came from Russia.