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Novak Expects Russian Crude Production Stable in October

OIL

Russia’s Deputy Prime Minister Alexander Novak said crude production is expected to be stable at 9.9mbpd in October according to Interfax.

  • Russia expects to resume oil output from the Sakhalin-1 project after the decree to transfer operations to Russia last week.
  • Russia’s expects oil output between 525m and 530m tons in 2022
  • Russia has again reiterated that they will not supply to countries that impose an oil price cap adding to market concern for future Russian output.

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