US Department of Energy: Russia increased oil supplies in January, despite the EU embargo
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In January 2023, Russia increased oil supplies despite the EU embargo. This is stated in the report of the Energy Information Administration of the US Department of Energy (.pdf).
The agency does not give specific figures, but the report notes that the January figures were higher than the November ones. At the same time, the Ministry of Energy expects a decrease in Russian supplies in the next few months, since the EU embargo on oil products from Russia came into force on February 5.
Against this background, the Ministry of Energy raised the forecast for oil production in Russia in 2023-2024 by 0.4 million barrels per day. The agency estimates that in 2022 the figure will decrease to 9.9 million bpd in 2023 and to 9.8 million bpd in 2024.
The EU embargo on offshore oil supplies from Russia was introduced on December 5. On the same day, the price ceiling for Russian oil at $60 per barrel, introduced by the EU, G7 and Australia, came into force. Since February 5, price limits for oil products from Russia at the level of $100 and $45 per barrel have also come into force – for products that are traded at a premium and a discount to oil, respectively. Against the background of restrictions, Russia has redirected its supplies to Asia, mainly to China and India.
About new directions of Russian oil – in the material “Kommersant” “Flanking Maneuvers”.
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