By Admin 
Russia is facing difficulties in selling oil to the world. We are not saying this, but it has been claimed in a recent report. There has been a decline in Russian crude oil production in January. This is the second consecutive month when Russia’s oil production has declined. People with knowledge of such data, without disclosing their identities, said that last month the country had produced an average of 9.28 million barrels of oil.
According to the news published in Bloomberg website (bloomberg.com), these figures do not include the production of condensed oil. That’s 46,000 barrels per day less than the level already cut in December. According to an agreement with the Organization of the Petroleum Exporting Countries and allies, the amount of oil Russia is allowed to produce is about 300,000 lakh barrels per day less.
Russia has divided its oil production data into categories. These include oil production, export and refinery operation. Because of this its valuation has become difficult. However, the Energy Ministry has not given any response regarding the information related to this data.
Is Russia really taking time to find a buyer?
The decline in Russian oil production has been seen because the quantity of Russian crude oil kept in tankers is continuously increasing. This shows that due to American pressure on Russia, it is taking a lot of time to find a buyer.
Recently, in the beginning of February, the US President said that he removed the extra 25% tariff imposed on India. In return, India stopped buying oil from Russia. Besides, India has also confirmed this deal. However, it did not give any comment or reaction on America’s claim of not buying oil from Russia.
It has been seen that even private Indian refineries have stopped purchasing sport cargo (goods which are sent on urgent need). This change has been seen after Trump’s statement on social media. Trump had announced about the deal in this post.
Russia’s crude oil stock reached so many million barrels
By the beginning of February, Russia’s crude oil stock has reached 143 million barrels. This is almost double compared to a year ago, which is more than a quarter compared to November.
On one hand, India has reduced oil purchases, while on the other hand, tankers with banned barrels are being sent to China. It is another major buyer of Russian crude oil.
Why is Russia worried about declining oil production?
Here, Russia’s concern is bound to increase, because the reduction in oil production is risky for its budget. Last year, 23% of the revenue also depended on the oil and gas industry. Russian oil earnings in January were recorded at their lowest decline in the last five years. If Russia’s oil production continues to decline, it may lose its share in the OPEC organization. The partner countries of this organization had agreed to keep the production stable in the first quarter of the year 2026. At the same time, the Deputy Prime Minister of Russia has said in a statement that global oil demand will increase by March or April.