Russia would have to slash oil production by 20% within a year or two after an EU embargo, even if China ramps up buying, says top oil analyst: 'It's really a worst-case scenario'

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Russia could slash oil production by 20% within "a year or two" after an EU oil embargo, a top oil analyst told Insider. Moscow has already been exploring different oil markets in Asia, and has also sent cargoes to South Africa for storage. "China is the big hope for Russia," Kpler's lead oil analyst said, but filling the gap left by the European market will be difficult.