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Russia keeps late 2022 level of oil output in January, first week of February — Deputy PM

It is reported that the price cap was set at $100 and $45 per barrel, depending on the category of oil products

MOSCOW, February 8. /TASS/. Russia manages to maintain oil production in January 2023 and in the first week of February at the level of November-December 2022, when it amounted to approximately 9.8-9.9 million barrels per day, Russian Deputy Prime Minister Alexander Novak told reporters.

"[In January it was] at the level of December-November, 9.9-9.8 [million barrels per day]," he said.

"[In February] it is still at the level of [January]," Novak added, answering a relevant question.

On December 5, 2022, an embargo on maritime oil supplies from Russia to the European Union came into force. The EU, the Group of Seven (the UK, Germany, Italy, Canada, USA, France, Japan), as well as Australia, agreed on a price cap for Russian oil supplied by sea at $60 per barrel.

From February 5, 2023, similar restrictions on the supply of petroleum products from Russia came into effect. The price cap was set at $100 and $45 per barrel, depending on the category of oil products.

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Alexander Novak

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