According to the results of 2022, oil production in Russia will increase by about 2%, Deputy Prime Minister of the Russian Federation Alexander Novak said in an interview with “Russia 24” TV channel.

“By the end of the year, we plan to produce 535 million tons of oil. We will produce about 5% more oil products than last year. Yes, there is a partial drop in production in the gas industry – by about 18-20%, nevertheless, the gas industry will produce 671 bcm gas is also a large volume, of which about 470 bcm will go to the domestic market,” he said.

Against the background of the price cap, Russia may reduce oil production by 500-700 thousand b/d in early 2023 due to the introduction of the price cap mechanism by the EU countries, Novak emphasized.

He once again stressed that Russia does not intend to supply oil and oil products to legal entities of those countries that will demand in contracts that prices comply with the introduced ceiling

Source: Turan News Agency