Russia’s oil resilience faces bigger test as EU ban looms ...Qatar

Gulf Times - News
Russia’s oil resilience faces bigger test as EU ban looms
Russia defied expectations of a collapse in oil production following its invasion of Ukraine. But Moscow will have to redouble its efforts to find new buyers if it’s to keep output from shrinking in the coming months. After plunging in the immediate aftermath of its offensive in February, Russian production has rebounded over the past three months as domestic refining boomed and Asian customers stepped in to take shipments shunned by Western buyers. Yet a looming European Union (EU) ban on most Russian crude, as well as a gathering economic slowdown, will strike a blow to the country’s producers. “Russian oil companies have been enjoying the beauties of the summer season - soaring domestic

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