Novak: oil production will reach 530 million tons in 2022
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Deputy Prime Minister of the Russian Federation Alexander Novak said that the budget of Russia was drawn up based on the oil price of $70 per barrel. According to him, such a price is “comfortable” for the country. Also, Mr. Novak said that the volume of oil production in Russia in 2022 is estimated at 530 million tons, and in 2023 this figure will be 490 million tons. The Deputy Prime Minister noted that Russia produces 9.9 million barrels per day.
“Our budget is formed at a price of $70, and we believe that this is a comfortable price, which today can be taken as a basis. But, of course, considering that today the markets are quite volatile and a lot depends, among other things, on the ruble exchange rate, which today is quite strong relative to the parameters that were previously for our oil production, for our economy. The parameters that are included in the socio-economic development forecast are the most optimal,” the Deputy Prime Minister said after the OPEC+ meeting (quote from Interfax).
Today, October 5, OPEC+ countries agreed reduction in daily oil production by 2 million barrels per day starting in November this year. This is the biggest reduction since 2020. Alexander Novak stressed that the reduction is necessary to balance the market before the seasonal decline in demand. According to Financial TimesRussia and Saudi Arabia insisted on reducing fuel production.
Today the European Union banned sea transportation of oil to third countries at a price higher than the established one. The measure was adopted as part of the eighth package of sanctions. September 2 G7 countries agreed introduction of a price ceiling for Russian oil from 5 December. At the same time, the EU embargo on Russian oil will come into force. The price limit has not yet been set.
More about the budget of the Russian Federation “Oil revenues are prescribed to be more modest”.
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