RUSSIAN ENERGY: Oil output to tumble by 18% in 2022 – Analysis
Posted By GEO´ Newsteam – Gibraltar
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