MOSCOW, December 14. /TASS/. Russia in November 2022 increased oil production by 90,000 barrels per day (bpd), to 9.81 mln bpd, according to the report of the International Energy Agency (IEA).
In December, production may decrease by 400,000 bpd against the background of the entry into force of the EU embargo, and by April next year - by 1.8 mln bpd from pre-February levels, the IEA believes.
The IEA stated that the reason for the increase was growing production at the Sakhalin-1 project. Earlier, Russia transferred the project operator to Russian jurisdiction, instead of Exxon Neftegaz - to Sakhalin-1 LLC, with Sakhalinmorneftegaz-shelf (a subsidiary of Rosneft) as the operator's management company.
At the same time, the total volume of production of liquid hydrocarbons in Russia reached 11.2 mln bpd, which is only 200,000 bpd below the levels before February 2022, the report said.
Meanwhile, Russia’s Deputy Prime Minister Alexander Novak said earlier that Russia could reduce oil production amid uncertainty related to the EU embargo and the price cap, but this decline would not be significant. According to him, in December Russia will retain its oil sales abroad at the level of November.
G7 countries, the EU and Australia agreed to levy a $60-per-barrel price cap on seaborne Russian oil starting on December 5. Moreover, beginning February 5, 2023, price limits for petroleum products will come into effect, and their parameters will be set later. The decision on the embargo of Russian oil supplies to EU countries remained in force and also came into effect on December 5, but it should not affect fuel supplies via the Druzhba pipeline to Hungary, Slovakia and the Czech Republic.