Russia’s January-November Oil Output up 2 Percent Ahead of EU Ban, Price Caps

Russia’s January-November Oil Output up 2 Percent Ahead of EU Ban, Price Caps
A worker walks past a pump jack on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, Russia, on Jan. 28, 2015. Sergei Karpukhin/Reuters
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MOSCOW—Russia’s January-November oil and gas condensate production rose 2.2 percent from a year earlier to 488 million tonnes, the Interfax news agency said on Tuesday, citing Deputy Prime Minister Alexander Novak, who expects a slight output decline following new sanctions.

European Union countries that have been primary buyers of Russian crude for decades stopped buying it from sea ports from Dec. 5 under an embargo imposed by the bloc.