Month: January 2023

Russia’s oil production rose 0.1% in the period from January 1 to 9, to stand at about 10.9 million barrels per day (bpd), compared to December 2022, the daily Vedomosti reported on Wednesday, citing two sources familiar with energy ministry data. Vedomosti said Russian oil exports had risen by 1.2% in early January to 634,400 bpd, while refining volumes increased by 1.4% to 808,400 bpd. Russian oil production has shown resilience in the face of Western sanctions and price caps, introduced last month, after the Kremlin sent troops into Ukraine…

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The General Secretariat of the Organization of Islamic Cooperation (OIC) condemns the illegal exploitation of natural resources by Armenia in the Karabakh region of Azerbaijan, on the Shusha-Khankendi road (Lachinroad), contrary to the Trilateral Statement of Azerbaijan, Armenia and the Russian Federation of 10 November 2020, reports citing the official website of the OIC. Exploitation of mineral deposits without due regard of environment-related standards is not only illegal under international law and national legislation of the Republic of Azerbaijan but is also a source of serious and legitimate concern. The…

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WTI oil held steady at $76 per barrel, after the U.S. Energy Information Administration reported an inventory build of 19 million barrels for the first week of the new year. At 439.6 million barrels, inventories of crude have turned about 1 percent above the average for this time of the year. The report follows a moderate build of 1.7 million barrels for the last week of 2022, as reported by the EIA, and another, even smaller build of 700,000 barrels for the week before that. A day before the EIA’s report came out, the…

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