Russia Sets Record Pace for Oil-Drilling This Year Despite Production Cuts
- Kremlin has ordered companies to cut production this year
- Drilling in first half of 2023 was up 8.6% from year earlier
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Russia’s oil firms are setting a record pace in their drilling this year, even as the country has agreed with OPEC+ to make longer production cuts.
Rigs drilled 14.7 thousand kilometers of production wells in Russia from January to June, 6.6% more than planned and 8.6% more than the same period in 2022, according to data seen by Bloomberg.