Russia’s Oil Drilling Boom Proves Moscow’s Resilience to Western Sanctions
- Nation is on track to set post-Soviet drilling record in 2023
- High level of activity is necessary to sustain oil output
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Russia was on pace for a second year of record oil drilling in 2023, further evidence of the nation’s resilience to Western sanctions.
The boom in activity came alongside a recovery in both the volume and value of Russia’s oil exports, a stark illustration of how the country’s fossil fuel industry has been a crucial source of funds for President Vladimir Putin’s war in Ukraine, which is about to enter its third year.