Bloomberg: Russian oil production falls for second month in a row

Russia reduced oil production in December and January, citing tightening the US sanctions and difficulties selling oil.

Bloomberg writes about this, citing sources.

On average, Russian oil production was 9.28 million barrels per day, down from December and about 300 000 barrels per day below the level allowed by the OPEC+ agreement.

At the same time, oil stocks stored on tankers at sea are growing, meaning some shipments are unable to find buyers for a long time. At the beginning of February, such stocks reached 143 million barrels, almost double the amount a year ago.

One factor was the situation with India. The US President Donald Trump said he had canceled an additional 25% tariff on that country in exchange for stopping purchases of Russian oil. Some tankers then began to head to China, but it is unclear whether the Chinese market can absorb such volumes.

The drop in production poses risks to Russiaʼs budget, as the oil and gas sector provided about 23% of the stateʼs revenue last year. In January, oil revenues already fell to a five-year low due to lower prices, bigger discounts for buyers and a stronger ruble.

If the production cuts continue, Russia could lose market share to other OPEC+ countries, which coordinate oil production levels. As part of this agreement, the countries decided to keep production stable in the first quarter of 2026.

• The European Commission presented its 20th package of sanctions against Russia on February 6. The package will include a complete ban on maritime services for Russian oil exports and new restrictions on the shadow fleet.
• The EU will also add 43 more vessels to the sanctions list — bringing the total to 640 — and make it more difficult for Russia to buy new tankers.

For more news and in-depth stories from Ukraine, please follow us on X.