Russia’s Oil Output Stable After Western Price Cap Takes Effect

Russia’s oil output was stable in December and early January after the G-7 imposed a price cap on its crude and the European Union all but halted seaborne imports from the country.

The nation’s producers pumped an average of 10.89 million barrels a day of crude and condensate — a type of light oil — last month, according to calculations based on data from the Energy Ministry’s CDU-TEK unit that was seen by Bloomberg. That compares with a daily average of 10.9 million barrels in November.

Production slightly increased to 10.91 million barrels a day from Jan. 1 to ...