Few signs sanctions against Russia have directly hurt upstream oil operations

Russian companies did the most drilling at their oilfields in more than a decade in 2022

When Russia announced last week that it would cut oil production by 500,000 barrels a day in retaliation against Western sanctions, there was scepticism about whether it was really doing so by choice.

Russia is entangled in a tightening web of economic restrictions, from prohibitions on exports of technology to the country to a recent EU ban on most imports of its oil. As far as the West is concerned, Moscow is buckling under the weight of sanctions. ..

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