Russia sees raising its oil production to an average of 11.24 million barrels per day (bpd) in 2022, which would be an 8-percent increase from 2021 as OPEC+ eases the production cuts, Bloomberg reported on Tuesday, quoting estimates from the Russian finance ministry it had seen. The forecast production figure was included in a draft budget estimating how much revenue Russia could gain from oil and gas between 2022 and 2024. The 11.24 million bpd estimate is very close to the 11.25 million bpd post-Soviet record that Russia pumped back in 2019. However, the expected output includes both crude oil and condensate and does not discriminate between them. Russia’s condensate production—estimated at around 800,000 bpd-900,000—is not part of the OPEC+ production cuts, so it’s not easy to assess how much crude oil Russia is really pumping. This year, Russia’s oil production is expected to be 1 percent lower compared […]