homemarket Newscommodities News

Russia may raise crude oil exports if EU ban cuts refining

Russia may raise crude oil exports if EU ban cuts refining

Russia may raise crude oil exports if EU ban cuts refining
Read Time1 Min(s) Read
Profile image

By Bloomberg  Dec 25, 2022 8:06:01 PM IST (Published)

The EU’s ban on Russian oil-product imports comes in force from February 5, and is on top of the crude imports restriction imposed from early December.

Russia may increase its crude oil exports if the European Union ban on imports of the nation’s fuel results in lower refinery throughput, vice prime-minister Alexander Novak said in an interview to Tass.

Recommended Articles

View All

“If there are problems with the sale of petroleum products, oil refining to some extent can be replaced by additional volumes of oil exports,” Novak said. There’s still a possibility that the EU ban won’t affect Russian oil refining at all, he said.
The EU’s ban on Russian oil-product imports comes in force from February 5, and is on top of the crude imports restriction imposed from early December.
Russia will produce at least some 490 million to 500 million tons of oil next year, Novak said on Sunday reiterating his earlier estimates. That’s the equivalent to some 9.84 million to 10.04 million barrels per day, based on the 7.33 barrel-per-ton ratio.
This year Russia may produce 535 million tons of oil, Novak said on Friday in an interview with Rossiya-24 TV channel.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng