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Novak Warns Risks Remain for Russian Crude Production

OIL

Risks remain for Russian crude oil production because of sanctions according to Deputy Prime Minister Alexander Novak.

  • "Yes, there are such risks. But we will assess them in the near future," he said.
  • Earlier this week, Novak said that Russia’s oil production in January 2023 remained at the level of November-December 2022 when it amounted to approximately 9.8-9.9 mln barrels per day.
  • He also said that Russia was maintaining those output levels into the first week of February.
  • He added that no Russian oil company had asked to carry out transactions in accordance to price caps.

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