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Russia's Novak Forecasts 8% Domestic Production Decline

OIL

Russian Deputy Prime Minister Alexander Novak said Russian crude production could fall by up to 8% this year according to reports by Russian news agency RIA Novosti today.

  • It would bring Russian oil output to around 480-500 million tons this year, a 5-8% decline from 2021, but the forecast could change depending on the situation according to Novak.
  • Novak said that Russia’s production declined by about 1mn bpd in April but was already recovering.
  • The Russian economy ministry forecast a sharper decline in oil production, of about 9.3 percent to 475.3 million tons, under its base scenario.
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Russian Deputy Prime Minister Alexander Novak said Russian crude production could fall by up to 8% this year according to reports by Russian news agency RIA Novosti today.

  • It would bring Russian oil output to around 480-500 million tons this year, a 5-8% decline from 2021, but the forecast could change depending on the situation according to Novak.
  • Novak said that Russia’s production declined by about 1mn bpd in April but was already recovering.
  • The Russian economy ministry forecast a sharper decline in oil production, of about 9.3 percent to 475.3 million tons, under its base scenario.