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Russia's oil output is likely to fall to 480-500 million tons this year, down from 524 million tons in 2021, said Deputy Prime Minister Alexander Novak, Russian news agency TASS reported.
Russia's oil output is expected to drop 9.3 percent to 475.3 million tons this year, in the base-case scenario according to the Russian economics ministry.
"I think the decline will be far lower. The decrease was slightly over 1 mln barrels per day for only one month. Consequently, I think the recovery will follow, from 524 mln tons last year to probably 480-500 mln tons this year," Novak said, noting that "those are (estimates) for today, everything may change depending on the situation,” TASS reported.
From May 1 to 15, 2022, Russia's average daily oil and gas condensate output was 1.398 million tons, up 1.7 percent from April's average daily crude oil production of 1.374 million tons, the report said.
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