Sanctions have forced Russia to reduce its oil output by 1 million barrels a day

Mike Muller, the Asia head of the world’s biggest independent crude oil trader, Vitol has said that the sanctions imposed on Russia have erased 1 million barrels of crude oil off its production each day. However, he said this quantity is very insignificant and that it is just a "drop in the ocean compared to the intended impact.”

Kremlin before invading its neighbor was producing about 11 million barrels of crude oil a day. Out of the 11 million barrels, it exported about 7 million barrels a day. However, post the invasion of Ukraine, severe and extensive sanctions and boycotts of its products have eventually affected the trade and declined the demand, compelling Russia to reduce its supply. Lately, the European Union is also considering imposing a total ban on Russian crude.

Last month, Vitol announced that it would stop trading Russian oil by the end of this year. While speaking at an energy trade podcast, Muller said, "If only one million barrels per day of that has gone missing so far, before the EU shuts the door on Russia crude — if, they indeed succeed in getting unanimity over there — that's indeed not the intended consequence of sanctions.” He further said that there are still many countries in Asia, Africa, and Latin America that have not imposed sanctions against Russia.