The U.S. and European Union have imposed sanctions on Russia, including freezing access to foreign technology and banning Western firms from cooperating in Arctic, shale and deep-water drilling in the nation, Reuters reported. However, foreign-led oil and gas projects that aren't affected by sanctions placed on Russia, have continued to produce oil and are responsible for the rising output.
The latest high oil production levels are only slightly below the post-Soviet era output record of 10.63 million bpd, which was reached in December.
Currently, the sanctions aren't affecting Russia's oil output, Bloomberg reported, but they could.
"The impact on production will probably not be seen until next year," Ildar Davletshin, oil and gas analyst at Renaissance Capital in Moscow, told Bloomberg.
Russia's oil production could also be affected if the U.S. and European Union decide to introduce additional sanctions.