Supplies of Russian Commodities in Danger Following West’s Sanctions

The West’s sanctions against Russia following its invasion of Ukraine has fueled new concerns about supplies of key commodities produced and exported by Russia.

Russia is the world’s third largest producer of oil after Saudi Arabia and the United States. The country produces 11 million barrels of oil per day (bpd). It also rivals Saudi Arabia as the world’s top exporter of oil. It exports around 7 million barrels of crude and oil products. Half of the exports are delivered to Asia and most of the other half is sold to the European Union and the U.S.

The country is also the world’s second largest producer of natural gas after the U.S. and its biggest exporter. The majority of Russian gas is sent to Europe, covering 40% of the continent’s gas needs.

Russia is the world’s sixth largest coal producer and third largest exporter. With 400 million tonnes of annual output, Russia produces 5% of the world’s coal.

The country also is crucial for the world’s metal markets. It produces 6% of the world’s aluminum, 4% of its cobalt, 3.5% of its copper, 7% of its nickel.

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