Russian oil output cuts are imminent because Ukraine's strikes on port infrastructure, pipelines and refineries have reduced export capability by 1 million barrels per day, or a fifth of total capacity, three industry sources said on Thursday, Reuters reports.
A cut in output in Russia, the world's second largest exporter, would add to the strain on global supplies when oil markets have already been jolted by unprecedented supply disruption because of the conflict in the Middle East.
Ukraine has intensified attacks on Russia's oil export infrastructure over the last month. In its heaviest drone strikes of the more than four-year war, Ukraine has targeted the Baltic ports of Ust-Luga and Primorsk, as it seeks to weaken Russia's economy.
At least 20% of Russia's total export capacity is out of order, down from a peak of 40% in March, but still enough, according to three industry sources, to have an impact on Russian oil production, the world's third largest after the United States and Saudi Arabia. The sources spoke to Reuters on condition of anonymity due to the sensitivity of the situation.
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