Page 117 - RusRPTJan23

9.0 Industry & Sectors 9.1 Sector news
9.1.1a Oil & gas sector results
Russia increased oil exports in November to a maximum volume since April - by 270,000 barrels per day (bpd) to 8.1mn bpd, according to the report of the International Energy Agency (IEA).
At the same time, according to IEA estimates, Russia's export revenues decreased by $0.7bn and amounted to $15.8bn in November.
Oil exports remained virtually unchanged and amounted to around 5mn bpd, despite a decline in oil supplies to the EU by 430,000 bpd to 1.1mn bpd. Deliveries to India reached a new high of 1.3mn bpd. Meanwhile, Russia increased exports of petroleum products, mainly diesel fuel, by 300,000 bpd to 1.1mn bpd.
IEA also stated that in November 2022 Russia increased oil production by 90,000 barrels per day (bpd), to 9.81mn bpd. In December, production may decrease by 400,000 bpd against the background of the entry into force of the EU embargo, and by April next year - by 1.8mn bpd from pre-February levels, the IEA believes.
At the same time, the total volume of production of liquid hydrocarbons in Russia reached 11.2mn bpd, which is only 200,000 bpd below the levels before February 2022, the report said.
The EU saw a €1 trillion bill for gas prices, since the beginning of the Russian war on Ukraine. The subsidies of EU states accounted for ~ €700bn. 2023 will be a difficult as price will be above €1,000 per 1,000 m3, while budget costs in 2022 was 2-7.5% of GDP.
117 RUSSIA Country Report January 2023 www.intellinews.com