Russia’s oil exports, output hold up in early 2023

Russia’s oil production rose 0.1 percent in the period from January 1 to 9, to stand at about 10.9 million barrels per day (bpd), compared to December 2022, the daily Vedomosti reported on Wednesday, citing two sources familiar with energy ministry data.

Vedomosti said Russian oil exports had risen by 1.2 percent in early January to 634,400 bpd, while refining volumes increased by 1.4 percent to 808,400 bpd.

Russian oil production has shown resilience in the face of Western sanctions and price caps, introduced last month, after the Kremlin sent troops into Ukraine on February 24.

In 2022, Russian oil output rose by 2 percent to 535 million tonnes (10.7 million barrels per day), while exports jumped by 7.5 percent.

Production is expected to fall by 5 percent-7 percent in early 2023 in response to price caps on Russia’s crude and refined products.

The energy ministry said on Tuesday it has been working on additional measures to limit discounts on Russian oil prices versus international benchmarks after the West imposed price caps.