Russia prepares for possible weakening of mining restrictions within the OPEC+framework, and the possible softening of penalties.
In Russia, oil -making companies have boast new wells at the fastest pace in the past for at least five years. It was written by Bloomberg.
It is noted that Russia is preparing for the possible weakening of mining restrictions within the OPEC+framework, and the possible softening of penalties imposed due to an entire war in Ukraine.
It has been reported that drilling volumes exceed the level at the start of a full -scale war of more than one third. It shows that the Russian oil industry has been able to adapt to western penalties, which should limit technological capabilities.
According to Ronald Smith, the analyst of Emering Markets Oil & Gas Consulting Partners, the oil and condensate labor capabilities in Russia now cost 11-11.5 million barrels per day – about the same as in 2016.
In January-February 2025, the average drilling volume was more than 2370 km, which is more than the average periodic indicator for the first three years of the entire war.
According to the publication, although many foreign equipment suppliers leave the Russian market, they often sell their properties to local managers, leaving equipment and specialists in the country. Also, some companies, in particular SLB and Weatherford, continue to work in the country, even in smaller sizes.
Experts say local drilling companies have also found new suppliers or has established their own equipment manufacture, but the quality and accuracy of drilling is still reduced.
At the same time, the drilling of the search almost stopped in Russia. In January-February, new reserves searched only 46 km, which is about half up to an entire war. This is due to market uncertainty, high credit rate, a lack of personnel and the lack of high equipment prohibited from the EU and the USA.
According to analysts, Russia will continue to focus on the development of open deposits, and by 2030 it will face the need to look for new reserves.
Note that in Russia they have significantly reduced expectations for oil prices in 2025. Thus, the average annual Urals brand oil price of this year has been reduced to $ 56 per barrel. The state budget is a price of $ 69.7 per barrel.
Earlier, the Kremlin commented on falling prices in the oil market. It is believed that the situation in the world markets is “tense and emotional overload.”
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.