Russia's Oil Export in Crisis: OPEC+ Cuts Production by 1 Million Barrels per Day

Russia's oil export is facing a crisis due to falling oil prices, production cuts, and Western sanctions. The country's economy is heavily dependent on oil exports, and the recent events have had a significant impact on its economy.

OPEC+ has been a major player in the recent events, and its decision to cut oil production by 1 million barrels per day has affected Russia's oil export. The decision has affected the global oil market and prices, and it has exacerbated tensions between Saudi Arabia and the US.
Despite the sanctions, Russia has not experienced a huge decline in production, but that could change by year's end when the European Union is expected to stiffen sanctions on Russia.

The recent events have also affected the global economy, and a looming global recession threatens oil demand. The recent OPEC+ decision to cut oil production by 2 million barrels per day has dealt a blow to the Biden administration's efforts to rein in prices at the gas pump ahead of the midterm elections. The decision may offer a small lifeline to Russia's battered wartime economy.

Russia is likely to propose that OPEC+ reduces oil output by around 1 million barrels per day at its next meeting in October, according to a source familiar with the Russian viewpoint. The meeting will take place against the backdrop of falling oil prices and months of severe market volatility. The recent events have made it challenging for Russia to maintain oil production due to Western sanctions on its energy and financial sectors after it invaded Ukraine earlier this year. The Kremlin calls it a special military operation.