Russia’s oil output, exports undeterred by the price ceiling – Reuters

Sources familiar with Russian Ministry of Energy statistics have told Russian newspaper Vedomosti that Russia's oil production has been 0.1% higher so far in January than in December, according to Reuters.

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According to Vedomosti, sources have said that the average daily oil production in Russia has remained at nearly 10.9 million b/d for a third straight month, “despite the entry into force of the price ceiling on Russian offshore oil supplies and the oil embargo effective 5 December.”

The report has come right after US Treasury Secretary Janet Yellen's remarks that the G7 price cap on Russian seaborne crude is working and that Russian officials are admitting that it is hurting the nation’s energy revenues.

Meanwhile, Reuters cites Vedomosti reporting that Russian oil exports have increased by 1.2% in early January, to 634,400 b/d, and refining output has increased by 1.4% to 808,400 b/d.

By Konica Bhatt

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