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Free AccessNovak 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."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.