Oil production in Russia increased by 0.7% in February 2023

Oil production in Russia is starting to grow; in February, companies increased production by 0.7% compared to the average level in January, Kommersant writes.

Oil production in Russia

Oil production in Russia

© Maxim Bogodvid/RIA Novosti

Volumes reached 1.491 Mt/d, slightly below the February 2022 daily average.

According to Sergei Kondratiev from the Institute of Energy and Finance, the sustainability of oil production is associated with large discounts, due to which it is possible to maintain large volumes of exports. The expert explained that anti-Russian sanctions forced companies to reduce oil production, but the volumes began to go to Asian countries, in particular to India. Oil production in Russia continues to grow even under the EU embargo.

The authorities, according to Kommersant, began to discuss changing the method of calculating prices. Among the options being considered is the complete abandonment of the Urals quotes and the transition to Brent quotes in order to encourage companies to trade oil at a budget-friendly price.


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