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Russian Oil Producers Accelerate New Drilling ...Middle East
New oil well drilling in Russia has accelerated to the fastest in five years despite the recent oil price decline, Bloomberg has reported, suggesting the pick-up in activity anticipates a further reversal in OPEC+ production cuts and the possibility for the removal of U.S. sanctions. The current level of drilling activity is also some 30% higher than it was before the war in the Ukraine started, Bloomberg noted, in evidence of the resilience of Russia’s energy industry to Western sanctions. Some of these targeted specifically the oil and…
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