Russia expects oil production to decline by 8.4% this year

Russian Deputy Prime Minister Alexander Novak expected Thursday, May 26, that the country’s oil production would decline to between 480 and 500 million tons this year, from 524 million tons in 2021.

The RIA news agency quoted Novak as telling reporters in Tehran that expectations are subject to change depending on the situation.

The Russian Ministry of Economy stated that oil production this year will decrease by 9.3 percent to 475.3 million tons.

“I think the deflation will be much less. There was only one month in which the deflation was more than 1 million barrels per day and it is no longer the case now. So I think there will be a recovery in the future,” Novak told reporters, as quoted by the RIA news agency.