Anguish Grows in Russia Oil Industry Overwhelmed By Price Crash

Anguish Grows in Russia Oil Industry Overwhelmed By Price Crash

Independents may face bankruptcy amid storage, demand issues. The sentiment, though wishful thinking, lays bare the scale of the issue for Russia during the global pandemic -- there is too much crude and nowhere to store it.. To compound the problem, Russia has just eight days of available storage capacity, according to an IHS Markit report .. The operator owns the bulk of domestic storage capacity, which amounts to just over 23 million cubic meters.. We are not the key producers in this country, it will be the majors whose issues will be resolved first," Korzun said.. While Russia's oil majors are putting on a brave face , independents -- 132 companies that together pump around 4% of Russian oil output -- are woefully exposed. ".