(MENAFN) The EU's import ban on Russian oil could cause a 20% decrease in the country's crude production by the start of the following year, according to the International Energy Agency.
Beginning on December 5, EU member states will stop buying Russian crude, and on February 5, the bloc will stop accepting shipments of Russian oil products. As Russia reduces refining, the agency anticipates gradual monthly declines to start this month; the embargo will hasten the process.
The planned EU embargo will force the redirection of nearly one million barrels per day of Russian oil products and roughly 1.3 million barrels per day of crude oil to other markets, according to IEA estimates.
With oil output soaring steadily over the past few months and reaching nearly 10.8 million barrels per day in July, Russia has so far been successful in diverting its crude flows to Asia and away from the EU, historically its biggest energy customer.
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