Russian crude production has remained resilient in 2023 despite Europe’s ban on imports and the price cap for shipped oil to countries outside of the continent, analyst Rystad Energy said on Thursday.
In his outlook for the next six months, Claudio Galimberti, the senior vice president of analytics, told a webinar that Russia’s production had outperformed expectations and was on course to pump 10.9m barrels per day when it had been expected to fall below 10m.
Production dropped by almost 1m barrels per day after the invasion of Ukraine but recovered before the European Union imposed its crude and product import bans that were introduced in December and February respectively alongside an oil price cap.
