Sanctions have forced Russia to cut its oil output by 1 million barrels a day. That's a 'drop in the ocean,' says the world's largest independent oil trader.

The sanctions against Russia have knocked 1 million barrels of crude oil off its production each day, but that is just a drop in the ocean compared to the intended impact, according to Mike Muller, the Asia head of Vitol.

Russia produced 11 million barrels of crude oil a day before it invaded Ukraine. It exported about 7 million barrels a day. Russia has been forced to cut its supply due to sanctions and boycotts. A total ban on Russian crude is planned by the European Union.

If only one million barrels per day of that has gone missing, before the EU shuts the door on Russia crude, that is not the intended consequence. The company said last month it would stop trading Russian oil by the end of the century.

The Centre for Research on Energy and Clean Air released a report last week stating that Russia made $66 billion from fossil fuel exports in the two months since it invaded Ukraine. The revenue was half of what it was in the previous year as energy prices have gone up.

Muller said that there are still many countries in Asia, Africa, and Latin America that have not imposed sanctions against Russia.

The two biggest countries in the world, China and India, are continuing to find ways of accessing Russian oil, despite the fact that many pieces of the world economy are sitting on the fence.

Russia's energy sector is likely to come under further stress as the European Union plans to ban oil from the country. In August, S&P Global expects Russia's crude oil output to fall by more than 2 million barrels a day.