Novak predicted an increase in oil exports by 8% by the end of the year

According to the results of 2022, Russian oil exports will be 8% higher than in 2021. This forecast was made by Deputy Prime Minister Alexander Novak at the Russian Energy Week.

“This year, if we talk about the oil industry, we expect even higher production volumes compared to last year. Not by much, but higher. Exports will be about 8% higher,” Novak said at the Russian Energy Week forum (quoted from “Interfax”).

According to the Deputy Prime Minister, oil organizations have moved to markets in the Asia-Pacific region, stabilized logistics, changed payment to the national currency, so a “stable situation has been created to ensure the domestic and market and for export sales.”

Formerly Mr Novak declaredthat, according to the plan, Russia should produce 525-530 million tons of oil in 2022.

In September, the International Energy Agency published a report, according to which the reorientation of oil supplies from the US, EU, Japan and South Korea to India, China and Turkey smoothed out Russia’s loss of 2 million bpd. According to the agency, Russia’s revenues from oil exports in August decreased by $1.2 billion to $17.7 billion, but the escort increased by 220,000 bpd to 7.6 million bpd. In September, exports amounted to 672 thousand tons per day.

Read more about the supply and production of Russian oil in the material “Kommersant” “Oil was cleared of drawdowns”.

Polina Sobakina