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Russia Oil Output Stable, Price Cap Costs Russia $170mn/day

OIL

Russia’s oil production remains stable in January, the daily Vedomosti said, but the price cap leads to lost revenue for Russia of $170mn/ day, according to a researcher at CREA.

  • Russia’s oil output in the first nine days of January stood at around 10.9mbpd, up by 0.1% from December levels, the daily Vedomosti, citing sources familiar with energy ministry data.
  • In 2022, Russian oil output rose 2% on the year to 10.7mbpd.
  • The EU/G7 price cap on Russian oil exports is costing the Kremlin $170mnn/day and lost revenues will rise further to $280mn/day when the cap is extended to refined products from 5 Feb, Lauri Myllyvita, lead analyst at research institute CREA said.
  • “The EU’s oil ban and the oil price cap have finally kicked in and the impact is as significant as expected”, Myllyvita said, meaning the declining prices for Russian Urals.
Energy BulletsCommodities
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