Russian oil production rises in May

The Russian newspaper Vedomosti, quoting a source in the oil sector, reported that Russian oil production, including gas condensate, grew by five percent in May, compared to April, to reach 43.1 million tons.

This amount is equivalent to 10.19 million barrels per day.

In the January-May period, Russia’s oil production rose 3.5 percent year-on-year to 219.9 million tons, while oil exports rose 13 percent to 102.7 million tons, Vedomosti reported.

RIA quoted Deputy Prime Minister Alexander Novak as saying last week that the country’s oil production is expected to fall to 480-500 million tons this year from 524 million tons in 2021.