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THE OIL SECTOR Joe Blogs: RUSSIAN Oil Disaster as Production Slashed by 500,000 Barrels Per Day as Sanctions Hit Oil Volumes Original article: https://www.youtube.com/watch?v=5snT_JceQ_g Peter Burgess COMMENTARY Peter Burgess | ||
RUSSIAN Oil Disaster as Production Slashed by 500,000 Barrels Per Day as Sanctions Hit Oil Volumes
Joe Blogs
239K subscribers ... 114,384 views ... 13K likes
Feb 11, 2023
#UKRAINE #russia #pricecap
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RUSSIA has announced that it is Cutting its Oil Production by 500,000 Barrels Per Day from March as European Ban & Price Cap Hits Russian Oil Volumes. The European Union introduced a Total Ban on the purchase of Russian Seaborn Crude Oil on 5th December and the purchase of Refined Products on 5th February. In addition to these Bans Price Caps were also introduced for each product on the same dates. Total direct income losses from the Bans and Caps will be over $90 Billion however the biggest issue that Russia now faces is PRODUCTION problems if it can't finds new markets for the lost sales to Europe. In this video I provide more details on the recent announcement, provide further information on the recent fall in sales, analyze the price of Russian Oil and discuss the future impact on Russia.
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