TEHRAN (Pakistan Point News / Sputnik - 26th May, 2022) Oil production in Russia in 2022 is expected to decrease by 5% to 8% to some 500 million tonnes compared to 524 million tonnes last year, Russian Deputy Prime Minister Alexander Novak said on Thursday.
According to the estimates of the Russian economic development ministry, oil production in 2022 will decrease by 9.3%, to 475.3 million tonnes under the baseline scenario and by 17.2%, to 433.8 million tons under the conservative scenario. The official, however, believes that the drop will be "much smaller."
"Last year, we had 524 million tonnes. According to my estimates, (oil output) may stand at 480 million to 500 million (tonnes). This is as of today. Naturally, everything can change depending on the situation," Novak told reporters, commenting on forecasts for oil production in 2022.
According to the official's expectations, the decline in output may vary from 4.6% to 8.4%.
