15:25 GMT24 September 2020
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    Russian exports of crude oil including condensate and oil products exceeded 70% of gross liquids production volumes in 2015, making Russia a key global exporter of liquids and oil products, according to the report of Fitch credit rating agency.

    MOSCOW (Sputnik) — Russia's oil production is likely to remain at record-high level despite sanctions introduced by western countries against Moscow, Fitch credit rating agency said on Wednesday.

    "Western sanctions imposed in 2014 have had only a limited impact on oil output so far. Russian exports of crude oil including condensate and oil products exceeded 70% of gross liquids production volumes in 2015, making Russia a key global exporter of liquids and oil products. Fitch expects Russia to remain a major crude and oil products exporter," Fitch said.

    According to Fitch’s "Russian Big Oil Overview" report, Russian oil production in October averaged 11.2 million barrels per day, which is a post-Soviet record.

    Fitch also said that negative effect of Russian taxation proposals in 2016, in particular, introducing a higher mineral extraction tax, could be manageable.

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    oil, rating, Fitch Ratings, Russia
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