Russian oil output increased by 1pc this month, says media report

Canada Global (Web News) Despite Western fuel embargoes, Russian oil producers increased production by about 1% in the first week of February compared to the same period last year, according to anonymous statistics cited by Kommersant daily on Thursday.

According to the newspaper, producers raised oil and gas condensate output from January’s average by 0.7% in the first week of February to 1.491 million tonnes (10.93 million barrels per day).

The data are consistent with those cited by Deputy Prime Minister Alexander Novak, who stated on Wednesday that Russia’s daily crude oil production this month, excluding gas condensate, has been equivalent to January’s 9.8 million to 9.9 million bpd.

According to the publication, Russian oil producers have requested bigger discounts for domestic oil prices relative to the global benchmark. They have also expanded oil exports.

Since Western sanctions were put in place after Moscow began what it terms a “special military operation” in the Ukraine about a year ago, Russian producers have shifted supplies away from Europe and towards Asia, primarily China and India.

According to the publication, the Sakhalin-1 project, which is led by Rosneft, has boosted output the highest.

Following ExxonMobil’s exit from the project in March, Sakhalin-1’s previously estimated 200,000 bpd of production ceased to exist.

Igor Sechin, the CEO of Rosneft, stated earlier this week that oil production has begun at the project.

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