Moscow: Russia’s Oil Production Could Fall More Than 8 Percent This Year

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Russia’s oil production could fall by more than 8 percent this year, to 480 million to 500 million tons compared to last year. Russian Deputy Prime Minister Alexander Novak told the RIA news agency during a visit to Iran.

 

Due to the sanctions against Russia because of the war in Ukraine, there is less demand for Russian oil.

Novak is in the Iranian capital Tehran for talks on trade and energy. Both Russia and Iran face economic sanctions from the West. Both countries want to cooperate more closely when it comes to energy and trade.

Novak, the former oil minister of Russia, says the forecast for oil production depends on further developments. The Russian Ministry of Economy has said production will shrink by more than 9 percent.

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