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Thursday, October 5, 2023

Oil production in Russia may fall by 24-44 million tons of raw materials

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A possible decrease in oil production was calculated by the Russian government. The figures were released by Deputy Prime Minister Alexander Novak.

Black gold production in the country could drop from 524 million tons recorded last year to 480-500 million tons this year. At the same time, the Cabinet believes that production will gradually recover to one million bpd after the April drop.

“I think it will be a much smaller drop. We’ve had a drop of just over a million barrels a day for just a month, now it’s already lower. Accordingly, I think further improvement will follow. Last year we had 524 million tons. It may be 480-500 million tons this year. But this is for today, everything can change depending on the situation,” he said.

Oil and gas condensate extraction in Russia during the period from May 1 to May 15 reached an average of 1,398 million tons, which is 1.7% more than in April.

The first ten days of April showed a 6% decrease in production compared to March. Towards the end of the month, the decrease reached approximately 9%. The head of the Ministry of Finance, Anton Siluanov, had previously estimated that the Russian Federation could lose about 17% of its oil production in 2022 in connection with international sanctions.

Source: Riafan

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