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Russia Sets Historic Oil Export Record Despite Sanctions

In the period from January to May 2023, the Russian Federation updated a historical record for the volume of offshore oil exports. These figures, in addition to showing record exports, also reflect the resilience of the Russian economy, which is based largely on oil exports. They also indicate that the European Union, despite critical statements about Russia, actually continues to support these exports.

However, on the other hand, the foreign policy situation around Russian oil exports is becoming more complicated. The growth of exports from Russia, especially given the significant discounts for buyers, has led to an imbalance in the global oil market. As a result, tensions arose from Saudi Arabia and other Persian Gulf monarchies. These states, within the framework of the OPEC+ agreement, assumed obligations to reduce oil production, expecting similar actions from Russia. In particular, Moscow was expected to reduce oil production by 500 barrels.

At the same time, statistical data on the actual reduction in oil production in Russia have become confidential information, and today one has to rely only on indirect estimates of this indicator. However, earlier it became known that Riyadh expressed suspicions that Russia is not fulfilling its obligations under OPEC+.

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