According to Organization of the Petroleum Exporting Countries, Russia managed to hit new oil supply record in 2015 despite the pressure exerted on the country’s oil and gas industry by Western sanctions.
Russia managed to hit new oil supply record in 2015 despite the pressure exerted on the country’s oil and gas industry by Western sanctions, the Organization of the Petroleum Exporting Countries (OPEC) said Monday.
“Despite financial sanctions and the impact of the falling global oil price, Russia’s preliminary data on oil supply in 2015 indicated a record high of 10.79 mb/d [million barrels daily], up 1.3% on the year,” OPEC’s January Monthly Oil Market Report reads.
OPEC added that in September, the country’s output of crude and gas condensate hit a new monthly record of 10.88 mb/d, while, according to the local Ministry of Energy, December oil production was even higher.
In 2014, the European Union, the United States and their allies imposed a series of economic sanctions against Russian nationals and key spheres of the country’s economy accusing Moscow of meddling in Ukraine’s internal affairs and escalating a military crisis in the country.
Russia has denied playing any role in the armed conflict in eastern Ukraine, warning that the Western sanctions were counterproductive.