The combination of low oil prices and international economic sanctions have thrown Russia’s oil industry into chaos. Oil production in the country was expected to exceed 11 million barrels a day by 2019 but is now expected to fall to below 10.5 million barrels over the next five years, according to a new report from the International Energy Agency (IEA). By 2020 oil production is not expected to have fallen by 560,000 barrels per day. Here’s the key chart: The combination of price falls and sanctions have had a “crushing impact”, the IEA warn, as the lack of access …read more
Source: Business Insider
