Russia’s January-November Oil Output up 2 Percent Ahead of EU Ban, Price Caps
MOSCOW—Russia’s January-November oil and gas condensate production rose 2.2 percent from a year earlier to 488 million tonnes, the Interfax news agency said on Tuesday, citing Deputy Prime Minister Alexander Novak, who expects a slight output decline following new sanctions.
European Union countries that have been primary buyers of Russian crude for decades stopped buying it from sea ports from Dec. 5 under an embargo imposed by the bloc.
The Group of Seven nations, Australia, and the 27 EU states have also introduced a $60 per barrel price cap on Russian oil.
Russia’s oil and gas condensate output from January to November averaged 10.91 million barrels per day, according to Reuters calculations….