Russia cuts down on oil drilling activities due to financial dry-up.

Russian oil producers will cut drilling speed to the lowest level in three years by 2025, as Western sanctions and a stronger ruble weaken income and dim prospects for production growth this year. Data shows that last year the total drilling footage on drilling rigs in the country was 29,140 kilometers, a decrease of 3.4% from 2024. The data shows that after reaching record levels in the first few months of 2025, drilling activity slowed down from June, with a year-on-year decrease of about 16% in December.