BAKU, Azerbaijan, March 13. Oil production rose by 4.7 million barrels per day in 2022, or 4.9 percent more than in 2021, Trend reports with reference to bp.
The company said in its latest report that Russia managed to keep its oil shipments almost at the pre-war level (97 percent), as China, India and Türkiye obsorbed the volumes that were previously exported to EU and OECD Asia.
The volume of imports of oil and oil products by EU stood at 2.1 million barrels per day in 2022 before the embargo on oil products’ import from Russia came into effect in February 2023.
Global oil demand recovery after the COVID-19 pandemic continued in 2022, rising by 2.3 percent and standing at 2.2 million barrels per day. The energy crisis in Europe, COVID-related lockdowns and strong US dollar had a bearish effect on the oil demand growth, according to bp.
Brent prices rose by $30.4 per barrel last year driven by the rebound in oil demand and the oil risk premium associated to the war in Ukraine.
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