Russia's crude oil output declines in December

Russia's crude oil production decreased to 10.32 million barrel per day in December from 10.34 million barrel per day, reflecting 0.2% fall, reported the Energy Ministry. Exports via Transneft pipeline edged down to 4.26 million barrel per day, losing 5.6% on a monthly basis. However, Russia is likely to become an alternative oil supplier for the EU in case a complete ban on oil imports from Iran comes in force.