Russia: Oil and gas production reductions due to sanctions

The Russian government predicts its oil and gas production will fall in 2022 due to Western sanctions.

Oil production and oil condensation may drop by about 9% to 475.3 million tonnes, compared with 524 million tonnes in 2021, the Russian Economy Ministry announced today.

Oil exports are expected to stand at almost the same level as 228.3 million tonnes, compared to 231 million tonnes in 2021. However, the level of exports for 2022 was expected to be markedly higher last year.

“Gas production and gas condensation could drop to 721 billion cubic metres, down from 764 billion cubic metres last year”, Russian news agencies reported.

According to the Ministry's projections, exports would reach 185 billion cubic metres in 2022, up from 206 billion cubic metres a year ago, registering a level lower than the latest forecasts for the current year. /Attish/