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Russian Oil Output, Exports Stable Amid Sanctions: Novak

OIL

Russian oil output and exports remain stable even after the introduction of the EU ban on Russian seaborne crude exports and the EU/G7 oil price cap, Russian Deputy PM Alexander Novak said.

  • Russia has been able to find alternative buyers for its crude oil amid sanctions, he added.
  • He also expects oil demand to rise thanks to the improvement of China’s Covid outbreak and policies.
  • The PM agrees with OPEC that the oil market is stable, and prices are acceptable, while there remain many uncertainties in the market.

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