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Russian Oil Output Increases Ahead of Sanctions

OIL

January-November oil and gas condensate output from Russia rose 2.2% from the previous year to 488m tonnes according to Interfax citing Deputy Prime Minister Alexander Novak.

  • Russia's oil and gas condensate output from January to November averaged 10.91mbpd according to Reuters calculations.
  • November output averaged 1.486m tonnes per day (10.89mbpd), up 2% from October according to Kommersant helped by the resumption of production from Sakhalin 1.
  • Russian oil output could fall by 0.5 to 1mbpd in early 2023 after the EU ban and G7 price cap according to Reuters sources.

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