Russia Defies Sanctions and Sets Record Pace for Oil Drilling

Despite Western sanctions and pledges to reduce output, Russian oil producers have accelerated drilling activities, surpassing last year's record. The increased drilling is not indicative of compliance with output cuts, as crude oil exports by sea continue to decline. The high drilling activity may be aimed at preparing for increased production capacity after the expiration of OPEC+ cuts or to maintain current production levels as oilfields age.