EU sanctions have ‘limited’ effect on Russian oil production

Russian oil production has fallen by less than 3% since the invasion of Ukraine, with Western energy sanctions having only a “limited effect”, according to the International Energy Agency, as flows are redirected to India and China. In its latest monthly report, the agency said Russia’s oil production in July was 310,000 barrels per day below pre-war levels, while total oil exports were down 580,000. barrels per day.

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