Sanctions against Russia have knocked 1 million barrels of crude oil off its production each day — but that’s just a “drop in the ocean compared to the intended impact,” according to Mike Muller, the Asia head of Vitol, the world’s biggest independent crude trader.
Russia was producing about 11 million barrels of crude oil a day until it invaded Ukraine in late February. Of that, it exported about 7 million barrels a day. But sweeping sanctions and boycotts of its products have disrupted trade and cut demand, forcing Russia to cut its supply. The European Union is also planning a total ban on Russian crude.
