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Russia expects oil output to shrink up to 8.4% in 2022

26 May 2022 11:59 (UTC +04:00)

Russia’s oil production is expected to decline to 480-500 million tonnes this year from 524 million tonnes in 2021, the deputy prime minister has said, APA reports citing RIA.

The forecast is subject to change depending on the situation, Alexander Novak told reporters in Tehran on Thursday.

This year, the Russian economy ministry has said Russia’s oil output was set to fall 9.3 percent to 475.3 million tonnes in the base-case scenario.

“I think the contraction will be way smaller. There was only one month with a contraction of more than 1 million barrels per day, which is not as deep by now. So, I think there will be a recovery in the future,” Novak said.