Russian oil production at record levels despite sanctionsNews // November 18, 2016
Fitch Ratings says in a new report that that despite western sectoral and financial sanctions, Russia's oil production is likely to remain at record levels.
In October 2016, Russian oil production averaged 11.2 million barrels of oil equivalent per day (mmboepd), a post-Soviet record, mainly on ramping up greenfield output.
Western sanctions imposed in 2014 have had only a limited impact on oil output so far. Russian exports of crude oil including condensate and oil products exceeded 70 per cent of gross liquids production volumes in 2015, making Russia a key global exporter of liquids and oil products.
Fitch expects Russia to remain a major crude and oil products exporter.