MOSCOW, July 1. /TASS/. The average daily output of oil and gas condensate in Russia from June 1 to June 29, 2022, amounted to 1.461 mln tonnes, increasing by 4.7% compared to May, when the average daily production was 1.395 mln tonnes, a source familiar with official statistics told TASS.

Since the spring of 2021, Russia has mostly gradually increased oil production, but in March 2022, it faced comprehensive international sanctions due to the situation in Ukraine. Thus, restrictions prohibit investments in the exploration, production, and processing of crude oil in Russia. In the first half of April, the decline in production compared to March was 6%, and by the end of the month it reached around 9%. Russian Finance Minister Anton Siluanov said that Russia could lose up to 17% of oil production in 2022 due to sanctions.

At the same time, Deputy Prime Minister Alexander Novak said that the government expects to partially restore oil production after its fall in April at about 1 mln barrels per day. He also noted that in mid-June there was an increase in production by 600,000 barrels per day compared to May and Russia was close to recovering the February level of production. However, Novak did not rule out that by the end of 2022, production could drop to 500 mln tonnes from 524 mln tonnes in 2021.

Russia is reducing production as part of the OPEC+ agreement, but from the beginning of 2021 it was able to increase production as part of a gradual easing of restrictions. So, in January 2021, the agreements allowed Russia to increase oil production by 125,000 barrels per day (bpd), in February-April - by another 130,000 bpd per month, in May -July - by another 38,000 barrels per day bpd per month. In August-December, Russia increased production at the level of about 100,000 bpd per month in accordance with the agreements in OPEC+.