Russian oil industry thriving under Western sanctions – Bloomberg ...News

Moscow retained oil-service competencies and developed in-house expertise in drilling, data shows Russian oil companies conducted the most drilling at their fields in over a decade last year, showing no signs that international sanctions or the departure of some Western firms harmed upstream operations in the country, Bloomberg reported on Tuesday. Last week, Russia announced that it would voluntarily cut oil production by 500,000 barrels per day in March in retaliation to the Western sanctions. While many skeptics in the EU claim Moscow was forced into slashing oil output, industry data shows otherwise. In 2022,

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