Russian oil production and exports fall in October, reports Kommersant
MOSCOW, Oct 31 (Reuters) – Russia’s oil production and exports fell slightly in October, business daily Kommersant reported on Monday, saying output is expected to fall further due to an EU embargo scheduled for early December. .
So far, Russian oil production has proven resilient in the face of Western sanctions on Ukraine, but European Union countries that have been major consumers of Russian crude for decades will stop buying it from the December 5 under an embargo imposed by the bloc.
Citing unnamed data, Kommersant said Russian oil production in October was 1.47 million tonnes of oil per day, equivalent to 10.78 million barrels per day (bpd), down from 10.8 million. bpd in September reported by Russian statistics agency Rosstat last week.
The newspaper also reported that Russian oil exports by sea and pipeline fell 2% from September to around 640,000 tonnes per day (4.7 million bpd).
One reason for the drop in output was the collapse of production at the Sakhalin 1 offshore project in the Pacific, abandoned by ExxonMobil (XOM.N) after Moscow sent thousands of troops to Ukraine in February.
The newspaper said oil production from the project was less than half of expected volumes after it restarted. He did not say when production at Sakhalin 1 resumed.
Reporting by Vladimir Soldatkin Editing by David Goodman
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