RUSSIAN ENERGY: Oil output to tumble by 18% in 2022 – Analysis
RUSSIAN ENERGY: Oil output to tumble by 18% in 2022 – Analysis
Posted By GEO´ Newsteam – Gibraltar
GEOPoliticalMatters.com
REUTERS has reported that Russia is expected to see oil output fall by as much as 18% during 2022 as the autocracy continues to struggle with sanctions imposed by the West in response to its illegal invasion and continued occupation of Ukraine.
Russian oil output started to decline in March and had fallen by around 7.5% by mid-April. Oil production in Russia recovered last year following a decline in 2021, its first annual fall since 2008, attributed to fallout from the pandemic.
Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump more, OPEC delegates said.
Russia could be suspended from OPEC’s oil-output agreement
Some members of the Organization of the Petroleum Exporting Countries (OPEC) are considering removing Russia from an oil-production agreement group, The Wall Street Journal reported Tuesday. Energy analysts say the move could have major implications for the price of oil and the global energy market. Learn More – Register Free to receive our full analysis direct to your inbox or smart device.
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