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Russia’s oil production will decline by 2% in 2022, refining by 8% — Energy Minister

According to Central Dispatching Department of the Fuel and Energy Complex, in 2021 Russia increased oil and condensate production by 2.2% year-on-year

VLADIVOSTOK, September 5. /TASS/. By the end of 2022, Russia is likely to slightly reduce oil production (by about 2%), oil refining will be reduced by 8% to about 262 million tonnes, Energy Minister Nikolay Shulginov said in an interview with TASS at the Eastern Economic Forum.

"There is an increase in oil [production] now, but at the end of the year, production is likely to be slightly lower than last year - by about 2%. For oil refining, we expect a 8% decline, based on the current trend. By the end of the year it will be about 262 million tonnes," he said.

According to Central Dispatching Department of the Fuel and Energy Complex, in 2021 Russia increased oil and condensate production by 2.2% year-on-year to 524 mln tonnes. Processing increased by 3.9% up to 280.7 million tonnes.

Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum will be running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency. This year, the theme of the forum is: "On the Path to a Multipolar World."

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