Russia is Expected to Reduce Oil Production by 5-8% in 2022
Oil production by the end of 2021 amounted to 524 million tons. According to the Ministry of Economic Development, in 2022, the indicator will decrease by 9.3% in the baseline scenario — to 475.3 million tons, and in the conservative scenario — by 17.2%, to 433.8 million tons.
Commenting on the ministry's data, Novak said: "I think there will be a much smaller decline. We had a decline of just over 1 million barrels per day for just one month, now it is lower. Accordingly, I think that there will also be a further recovery."
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