Russian Oil Output Forecast For 2022 Revised Downwards To 515Mln Tonnes - Finance Ministry

The production of crude oil in Russia is expected to stand at 515 million tonnes in 2022, and it will amount to 490 million tonnes in 2023, increasing to 500 million tonnes per year from 2024-2025, according to a document from the Russian finance ministry available to Sputnik

MOSCOW (UrduPoint News / Sputnik - 22nd September, 2022) The production of crude oil in Russia is expected to stand at 515 million tonnes in 2022, and it will amount to 490 million tonnes in 2023, increasing to 500 million tonnes per year from 2024-2025, according to a document from the Russian finance ministry available to Sputnik.

"The refusal of a number of countries to cooperate with Russia in the oil sector, as well as the presence of a discount on sales of basic Russian export goods, led to a revision of the forecast trajectory of oil production in Russia: the estimate in 2022 was reduced to 515 million tonnes, in 2023 to 490 million tonnes.

In 2024-2025, the level of oil production will average about 500 million tonnes," according to the document.

In response to Russia's military operation in Ukraine, the European Union announced a ban on the provision of services and insurance of Russian oil supplies around the world, as well as partial embargo on Russian oil. The restrictions are due to come into force in December this year for seaborne imports of Russian crude and in 2023 for petroleum products.