RUSSIAN Oil & Gas Disaster! Who Sanctions Destroy Demand & Production is CUT

RUSSIAN Oil & Gas Disaster! Who Sanctions Destroy Demand & Production is CUT

00:00 Introduction
02:06 PRODUCTION CUTS
04:31 RUSSIAN OIL PRICES
08:26 RUSSIAN GDP
10:58 RUSSIAN RUBLE
13:49 SUMMARY & CONCLUSION

Hi. Welcome to Investors reality.

In this video we are going to be looking at the financial implications of Russia’s invasion of Ukraine on the global economy. And in today’s episode, I want to talk about oil and gas production coming out of Russia.
Russia has announced that it will be cutting back on its oil production and its gas production in 2023 as a direct result of the sanctions and the price caps that have now been applied against Russian energy.

PRODUCTION CUTS

Russian Deputy Prime Minister Alexander Novak has announced that Russia may cut oil output by up to 7% in early 2023, as it responds to price caps on its crude and refined products and halt sales to countries that support them. He went on to say that the cuts could reach 700,000 barrels per day. They believe that in the current situation it is even possible to take risks of lower production.

Rather than be guided by the selling policy regarding the price caps. Today it’s $60. Tomorrow it can be anything. And getting dependent on some decisions made by unfriendly countries is unacceptable to us.
Russian President Vladimir Putin followed this by saying he would issue a decree early next week on Moscow’s actions in response to the price cap. Novak said that this decree would ban sales of oil and oil products, to the countries that joined the price cap and companies that demand its implementation.

The recently imposed sanctions have had a big impact on Russian exports in December, which are expected to fall by around 20%, according to traders data. Europes export from the Baltic Sea ports will probably fall by around 5 million tonnes in December, from 6 million tonnes in November. However, some estimates are as low as 4.7 million tonnes.
In addition to the oil reductions, Alexander Novak went on to state that natural gas production and exports will also fall in 2022. Gas production by the end of the year will be 12% less than in 2021, and exports will drop by around a quarter. This is primarily due to the shutdown of export infrastructure, he said in an interview with the Russian news agency TASS. He went on to state that LNG production will increase by 8.7% in 2022.

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