Exclusive-Russia sees its oil output falling by up to 17% in 2022 -document

2022.04.27 12:11

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FILE PHOTO: A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. Picture taken April 22, 2022. Picture taken with a drone. REUTERS/REUTERS PHOTOGRAPHER/File Photo

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(Reuters) – Russia may see its oil production fall by as much as 17% in 2022, an economy ministry’s document seen by Reuters showed on Wednesday, as the country struggles with Western sanctions.

According to the document, Russian oil output may decline to between 433.8 million and 475.3 million tonnes (between 8.68 million and 9.5 million barrels per day) in 2022 from 524 million tonnes in 2021.

Exports of oil and gas are also expected to decline this year, the document showed.

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