Oil production to fall nearly 10% to around 9.55 million b/d Oil exports to fall 1.2%; oil products to drop by 20% The Russian Economy Ministry forecasts Russian hydrocarbons output and exports to drop significantly in 2022, as Russian energy producers grapple with the impact of the invasion of Ukraine and western sanctions. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The ministry’s forecasts reflect how the consequences of the invasion are reshaping the Russian energy sector. Its base-case scenario includes oil output falling 9.3% on year in 2022 to 475.3 million mt, according to a forecast for Russia’s socio-economic development published on the ministry website May 18. This is equivalent to about 9.55 million b/d. Oil output forecasts are being affected by European buyers shying away from Russian oil purchases and Western companies winding down their cooperation with Russian partners. The […]