Oil did not let us down in October

Sergey Kondratiev, Deputy Head of the Economic Department of the Institute for Energy and Finance, commented to the Kommersant newspaper about oil production in Russia in October 2022.

Now and in the next few months, the dynamics of Russian oil production will be determined not by physical capabilities or obligations within OPEC +, but by the situation in foreign markets, and maintaining production at the August-September level looks like a good result, Sergey Kondratiev believes . In his opinion, from November 2022 to March 2023, production may decrease by 0.5–0.7 million bpd due to structural adjustment and the cessation of supplies to the EU countries. The decline in production is likely to begin as early as November due to the advance refusal of some consumers in the Mediterranean from imports from Russia.