Russia Struggles to Lift Oil Output Despite Wells at 5-Year High
- Nation pumped crude from around 156,000 wells in December
- Russian oil output may fall below OPEC+ quota by summer: BCS
This article is for subscribers only.
Russia’s operating oil wells reached the highest since OPEC and its allies joined forces, yet bringing back production curtailed under the current deal remains elusive.
Last month, Russia pumped oil from more than 155,600 wells, according to Bloomberg calculations based on data from the Energy Ministry’s CDU-TEK unit. That’s the country’s highest number of active ones on a monthly basis since at least 2017, when Moscow partnered with the Organization of Petroleum Exporting Countries in coordinating output curbs to rebalance the market.