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Russia’s oil output, exports hold up in early 2023 -Vedomosti

Russia’s oil production rose 0.1% in the period from January 1 to 9, to stand at about 10.9 million barrels per day (bpd), compared to December 2022, the daily Vedomosti reported on Wednesday, citing two sources familiar with energy ministry data.

Vedomosti said Russian oil exports had risen by 1.2% in early January to 634,400 bpd, while refining volumes increased by 1.4% to 808,400 bpd.
Russian oil production has shown resilience in the face of Western sanctions and price caps, introduced last month, after the Kremlin sent troops into Ukraine on Feb. 24.

In 2022, Russian oil output rose by 2% to 535 million tonnes (10.7 million barrels per day), while exports jumped by 7.5%.

Production is expected to fall by 5%-7% in early 2023 in response to price caps on Russia’s crude and refined products.

The energy ministry said on Tuesday it has been working on additional measures to limit discounts on Russian oil prices versus international benchmarks after the West imposed price caps.
Source: Reuters (Reporting by Reuters; editing by Clarence Fernandez and Jason Neely)

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