🔧 Russian oil companies are increasing drilling rates amid the potential easing of OPEC+ restrictions and international sanctions. The level of activity, which is a third higher than the figures before the full-scale invasion, indicates the resilience of Russia’s oil industry to Western sanctions.
Source: Bukvy
📊 According to Ronald Smith of Emerging Markets Oil & Gas Consulting Partners LLC, Russia’s total oil production capacity ranges from 11 to 11.5 million barrels per day, which has remained virtually unchanged since 2016.
🔄 “The Russian oil services industry has largely successfully adapted to the sanctions regime. Although it hasn’t always been possible to find an ideal replacement, alternatives are available at a broader level,” Smith noted.
📈 According to the latest data from Bloomberg, the average drilling volume in Russia in January and February this year exceeded 2370 km, which is also higher than the seasonal average of previous years before Russia’s invasion of Ukraine.
Discussion about this post