This study investigates the causes of permeability decline in porous reservoirs under decreasing reservoir pressure by comparing laboratory experiments with well test data. Well tests indicate a greater sensitivity of permeability to pressure changes in reservoir formations compared to laboratory conditions and for this remain unclear. Field studies of permeability changes in northern Perm oil fields were conducted alongside laboratory experiments on core permeability under pressure. Results showed that highly permeable samples exhibited the greatest decline in permeability during elastic deformations, with reductions of 6% for limestones and 20% for sandstones. The relationship between permeability and purely elastic deformations for both rock types was accurately described by a power law. By comparing coefficients from field and lab studies, the mechanism of permeability decline in field conditions was established. A model incorporating elastic and plastic deformations of porous reservoirs was developed. The model considers the localization of plastic deformations in horizontal and vertical low-permeability deformation bands. Findings indicate that highly permeable formations are more susceptible to deformation band formation, particularly in thicker layers. The decrease in permeability was found to correlate strongly with the formation thickness, likely due to the formation of transverse deformation bands in pore layers.