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Auditors calculated Russia’s losses from EU oil sanctions

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Oil exports will fall by 2%, auditors found out
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Sanctions against Russia in general and the Urals in particular

Oil production in Russia may decrease by 10% at the end of the year as a result of Western sanctions. These conclusions were made by experts from Kept.

“In Russia, oil production, excluding gas condensate, by the end of 2022 will decrease by 10% compared to last year, to 438 million tons. Average daily production is projected to drop to 8.8 million from 9.7 million barrels in 2021. The main decline in production is expected in the second half of the year, taking into account the effect of EU restrictions on Russian oil imports,” Vedomosti writes. The decline in production is offset by rising oil prices, Kept notes.

The researchers noted that in the first half of 2022, about 18% of Russian oil exports were banned. The greatest risks are associated with a reduction in supplies to the European Union, where 108.1 million tons of Russian oil (47% of exports) were supplied last year, Kept said. It is expected that oil exports from Russia in 2022 will fall by only 2%. Russia can reorient itself to new markets. For example, shipments to Asia in the first half of 2022 exceeded imports to Europe, the company found out. The situation will lead to a decrease in oil refining in the Russian Federation and markets for related services and goods, experts say.

The European Union partially banned the import of Russian oil due to the special operation of the Russian Federation in Ukraine. The United States abandoned Russian oil and gas, reports “Days.ru“. At the same time, State Duma Chairman Vyacheslav Volodin believes that the Russian economy will benefit from the reorientation of the oil market to the Asian direction.

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Oil production in Russia may decrease by 10% at the end of the year as a result of Western sanctions. These conclusions were made by experts from Kept. “In Russia, oil production, excluding gas condensate, by the end of 2022 will decrease by 10% compared to last year, to 438 million tons. Average daily production is projected to drop to 8.8 million from 9.7 million barrels in 2021. The main decline in production is expected in the second half of the year, taking into account the effect of EU restrictions on Russian oil imports,” Vedomosti writes. The decline in production is offset by rising oil prices, Kept notes. The researchers noted that in the first half of 2022, about 18% of Russian oil exports were banned. The greatest risks are associated with a reduction in supplies to the European Union, where 108.1 million tons of Russian oil (47% of exports) were supplied last year, Kept said. It is expected that oil exports from Russia in 2022 will fall by only 2%. Russia can reorient itself to new markets. For example, shipments to Asia in the first half of 2022 exceeded imports to Europe, the company found out. The situation will lead to a decrease in oil refining in the Russian Federation and markets for related services and goods, experts say. The European Union partially banned the import of Russian oil due to the special operation of the Russian Federation in Ukraine. The United States abandoned Russian oil and gas, reports “Dni.ru”. At the same time, State Duma Chairman Vyacheslav Volodin believes that the Russian economy will benefit from the reorientation of the oil market to the Asian direction.

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