Adapted to the sanctions of the event: in the Russian Federation there was a boom in oil production - Bloomberg

According to journalists, in almost the full 2023 year Russia has drilled oil wells with a total depth of 28 100 km. In the second half of 2023, Russia continued to increase oil production, approaching a new record. This fact becomes another confirmation of the country's sustainability to the sanctions by the event. Bloomberg writes about it.

The increase in activity coincided with the restoration of both the volume and the cost of Russian oil exports, which clearly demonstrates how the fossil fuel industry in the country has become a key source of funds in the context of war against Ukraine. "Russia is much more independent in its oil industrial services than to consider it," said oil and gas analyst at BCS Global Markets Ronald Smith.

As reported in the source, during the 11 months of 2023 in Russia, oil wells were drilled to a total depth of 28 100 kilometers. "High drilling rates - against the background of a fairly static production - is also a sign of some long -term problems that may arise in the oil sector of Russia as a result of Moscow's international isolation.

The industry is making more efforts to save production from its oldest wells, while new projects will be supported The extraction in the coming decades should be adapted to the circumstances that have changed in the country, "Bloomberg said. According to the analysts of the intelligence company Kpler and the Moscow consultant Yakov & Partners, the total volume of operational drilling in Russia in 2023 is expected to reach a mark of 30 thousand kilometers.

The increase in drilling amounts is ongoing, despite the pressure from the Western countries on the energy sector of Russia, which is a key source of financing the Kremlin's actions in Ukraine. The sector has suffered sanctions, including a ban on imports, price limitations and a ban on technology export, as the publication notes.

"Only about 15% of the domestic drilling market in the country depends on the technologies of the so -called unfriendly countries," said Vice president on the intelligence and production of Rystad Energy A/S research firm Daria Melnyk. We will remind, since December 5, 2022 there is an embargo on import of sea oil from Russia, which was introduced by the European Union (EU). Also, G7 and Australia have set a price ceiling at $ 60 per barrel for Russian oil.