Russia's Novak: By 2022, oil output will have shrunk by 8.4%.

On late Thursday, Russian Deputy Prime Minister Alexander Novak said that the country’s oil production is forecasted to decrease by 480-500 million tonnes in 2022, whereas in 2021 it was 524 million tonnes.

May 27, 2022 - 05:31 PM 319 views

Russia's Novak: By 2022, oil output will have shrunk by 8.4%.

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© Russia's Novak: By 2022, oil output will have shrunk by 8.4%.

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On late Thursday, Russian Deputy Prime Minister Alexander Novak said that the country’s oil production is forecasted to decrease by 480-500 million tonnes in 2022, whereas in 2021 it was 524 million tonnes.

Key Quotes

The prediction is subject to alteration.

I guess there will be a rebound in the future.

The Market Reaction

When last seen, WTI was trading at $113.0 and fell by 0.21% in a day.

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