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Russian Oil Output Rises To Eight-Months High Before Ban

OIL

Russia oil output rose to the highest level since March in November, just days before the EU imposes a ban on importing the country’s crude on 5 Dec, according to data from the Energy Ministry’s CDU-TEK unit seen by Bloomberg.

  • Russia pumped an average of 10.9mbpd of crude and condensate between 1-29 Nov, up by 1.4% month on month and the highest daily average since March.
  • The jump came after Russia’s domestic refineries expanded crude processing by 2.7% to around 5.77mbpd.
  • Russia has been ramping up production ahead of the planned ban and price cap on Russian crude oil, which is currently discussed at around $60/bl by the EU and G7 countries.
Energy BulletsCommodities
Energy BulletsCommodities

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