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HomeNewsCommoditiesRussia's Jan-Nov oil output up 2% ahead of EU ban, price caps

Russia’s Jan-Nov oil output up 2% ahead of EU ban, price caps

(Reuters) – Russia’s January-November oil and gas condensate rose 2.2% from a year earlier to 488 million tonnes, the Interfax news agency said on Tuesday, citing Deputy Prime Minister Alexander Novak.

European Union countries that have been primary buyers of Russian crude for decades stopped buying it from sea ports from Dec. 5 under an embargo imposed by the bloc.

The Group of Seven nations, Australia and the 27 EU states have also introduced a $60 per barrel price cap on Russian oil.

Russia’s oil and gas condensate output from January to November averaged 10.91 million barrels per day, according to Reuters calculations.

Company sources told Reuters that Russian oil output could fall by 500,000 to 1 million barrels per day early in 2023 after the EU ban.

The Kommersant daily citing sources on Tuesday reported Russia’s November output averaged 1.486 million tonnes (10.89 million barrels) per day, up 2% from October.

The newspaper said output was buoyed by the resumption of production at the offshore Pacific Sakhalin 1 project, formerly led by ExxonMobil (NYSE:XOM), which abandoned it after Moscow sent troops into Ukraine in February.

Source:reuters

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