Russia Restores Output At Major Oil Project After Exxon’s Exit

Russia has ramped up oil production from the Sakhalin-1 project and expects the field to soon pump at the full level of 220,000 barrels per day (bpd) after the project’s previous operator, U.S. supermajor ExxonMobil, quit Russian operations, an industry source with knowledge of the situation told Reuters on Monday. Currently, oil production at Sakhalin-1 is around 150,000 bpd, or 65% of its capacity, according to Reuters’ industry source. Output is set to hit the 220,000 bpd peak level in “three to four weeks,” the source…