Understanding the Latest US Sanctions on Russian Oil

The US government jolted energy markets when it sanctioned Russia’s two biggest crude oil producers on Oct. 22. All eyes are now on how the sanctions will affect the supply and price of petroleum across the world.
Russia’s exports — about 7.3 million barrels a day, according to the International Energy Agency — account for about 7% of global crude oil and refined fuel consumption. The latest penalties on Rosneft and Lukoil, combined with sanctions imposed earlier this year, mean that firms shipping the majority of Moscow’s oil to overseas markets are now blacklisted.