Despite Western fuel embargoes, Russian oil producers boosted production by about 1% in the first week of February compared to the same period last year, according to anonymous statistics cited by Kommersant newspaper on Thursday.
According to the newspaper, producers raised oil and gas condensate output from January’s average by 0.7% in the first week of February to 1.491 million tonnes (10.93 million barrels per day).
The data are consistent with those cited by Deputy Prime Minister Alexander Novak, who stated on Wednesday that Russia’s daily crude oil output this month, excluding gas condensate, has been equivalent to January’s 9.8 million to 9.9 million bpd.
According to the publication, Russian oil producers have requested bigger discounts for local oil prices relative to the global benchmark. They have also expanded oil exports.
Since Western sanctions were put in place after Moscow began what it terms a “special military operation” in Ukraine about a year ago, Russian producers have shifted supply away from Europe and towards Asia, primarily China and India.
The publication said that the Sakhalin-1 project, which is led by Rosneft (ROSN.MM), had grown output the highest.
After ExxonMobil (XOM.N) withdrew from the project in March, Sakhalin-1, a previously estimated at 200,000 bpd of production, ceased to exist.
Igor Sechin, the CEO of Rosneft, stated earlier this week that oil production has begun at the project.
“Winter has historically been a successful time for LPG export from Russia, particularly through seaports. Particularly at this time, when domestic market prices are almost at record lows, “added one of the dealers.
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