Russian oil output rises by 1% this month, says media report

Kitco Media
By Reuters
Published:
Updated:
Reuters



*


This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine


MOSCOW, Feb 9 (Reuters) - Russian oil producers increased output by almost 1% in the first week of February from January, despite Western embargoes on Russian fuel, Kommersant daily reported on Thursday, citing anonymous data. The newspaper said producers increased oil and gas condensate output by 0.7% in the first week of February from January's average to 1.491 million tonnes (10.93 million barrels per day). The figures align with those quoted by Deputy Prime Minister Alexander Novak, who said on Wednesday that Russia's daily crude oil production, excluding gas condensate, so far this month had been comparable with January's 9.8 million to 9.9 million bpd.


The newspaper said Russian producers have increased oil exports and proposed deeper discounts for domestic oil prices to the international benchmark. Since the imposition of Western sanctions after Moscow nearly a year ago launched what it calls a "special military operation" in Ukraine, Russian producers have diverted supplies from Europe to Asia, mainly China and India. The Rosneft -led Sakhalin-1 project has increased output the most, the newspaper said, without providing data.


Production at Sakhalin-1, previously around 200,000 bpd, collapsed following ExxonMobil's withdrawal from the project in March. Rosneft's head Igor Sechin said earlier this week that the project has resumed oil output. (Reporting by Vladimir Soldatkin; editing by Barbara Lewis)

@vsoldatkin;))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.