OREANDA-NEWS  Oil production in Russia in 2022 is expected to reach 480-500 million tons against 524 million tons a year earlier, that is, the indicator will decrease by 5-8%, but the forecast may change depending on the situation, Russian Deputy Prime Minister Alexander Novak told reporters.

Oil production by the end of 2021 amounted to 524 million tons. According to the Ministry of Economic Development, in 2022, the indicator will decrease by 9.3% in the baseline scenario — to 475.3 million tons, and in the conservative scenario — by 17.2%, to 433.8 million tons.

Commenting on the ministry's data, Novak said: "I think there will be a much smaller decline. We had a decline of just over 1 million barrels per day for just one month, now it is lower. Accordingly, I think that there will also be a further recovery."