Russia’s Novak expects oil output to shrink up to 8.4% this year

  
  Analysis

Overnight item from Reuters ICYMI, conveying remarks from Russian Deputy Prime Minister Alexander Novak reported by the country’s state-run news agency RIA:

  • Russia’s oil production is expected to decline to 480-500 million tonnes this year from 524 million tonnes in 2021
  • forecast is subject to change
  • I think there will be a recovery in the future
novak 27 May 2022
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