European Union countries that have been primary customers of Russian crude for decades ceased buying it from seaports on Dec. 5 under an embargo set by the bloc.
The Group of Seven nations, Australia, and the 27 EU states have presented a $60 per barrel price cap on Russian oil.
As stated by Reuters calculations, Russia’s oil and gas condensate production from January to November scored 10.91M barrels per day.
Company sources informed Reuters that Russian oil production could drop by 500,000 to 1M barrels per day early in 2023 following the EU ban.
The Kommersant daily, quoting sources on Tuesday, noted Russia’s November production averaged 1.486M tonnes (10.89M barrels) per day, higher than 2% from October.
The resumed production buoyed the offshore Pacific Sakhalin 1 project, formerly led by ExxonMobil (NYSE: XOM). ExxonMobil abandoned the project after Moscow sent troops into Ukraine in February.
The price cap arrives on top of the EU’s ban on imports of Russian crude by sea and similar commitments by the US, Japan, Canada, and Britain.
The market considers the effect of sanctions on Russian supply. On Monday, Ankara pressed for a new proof of insurance for every vessel, but it was also managing a jam of oil tankers off the Turkish coast.
In China, more cities are relaxing coronavirus-related curbs, spurring optimism for improved demand in the world’s top oil importer.
The country should announce a further relaxation of some of the world’s most challenging coronavirus curbs as early as Wednesday, sources spoke.
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