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Novak says Russian Oil Production May Increase This Year


Deputy Russian Prime Minister Alexander Novak said Russian oil production may increase this year and they support an extension to the OPEC+ deal beyond 2022.

  • Oil and gas condensate production is expected between 520m and 525m tonnes in 2022 compared to 524m tonnes in 2021.
  • Russian production has remained resilient despite US and EU sanctions by diverting supplies mainly to China and India. The challenge for Russia to find buyers will be even greater towards the end of the year with the EU ban on crude by December and on oil products by February.
  • Novak said “If the situation continues to stabilize, and our companies will find (new) markets with confidence, I think that production will also increase."

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