Russia’s oil output rises 2.2% in 2022

10:38 PM @ Tuesday - 06 December, 2022

Russia increased its crude production by 2.2% in the first 11 months of the year, despite facing several oil export sanctions, the country’s Deputy Prime Minister Alexander Novak said on Tuesday.

Speaking to reporters in Moscow, Novak announced that Russia produced 488 million tonnes of oil during the January-November period this year.

Russian spokesman Dmitry Peskov on Monday advised that Russia would not recognize any price ceilings in reference to the EU and G7 price cap imposed on Russian oil exports, adding that an official response to the issue is being prepared.

The EU and the G7 agreed to impose a $60 per barrel price cap on Russian seaborne oil, which will go into effect on Dec. 5 and be reviewed every two months.

The parties involved will ensure that the Russian price cap is set at least 5% below the market price of crude oil.

An EU embargo on imports of Russian crude oil by sea, which was adopted by the EU Commission on June 3 as part of a sixth package of restrictive measures against Moscow, also came into effect on Monday.

Under the sanctions package, the bloc introduced a complete import ban on all Russian crude oil and petroleum products carried on maritime routes, which the EU says 'covers 90% of our current oil imports from Russia.'  – AA –