Russian Deputy Prime Minister: We expect to produce 550 million tons...

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Posted on: Friday, December 24, 2021 – 12:59 PM | Last update: Friday, December 24, 2021 – 12:59 PM

Russian Deputy Prime Minister Alexander Novak announced today, Friday, that his country expects to produce between 540 million and 550 million tons of oil in 2022.

Novak said in statements to “Russia 24” channel, “We expect to increase production by the end of 2021 by 2.1 percent, or about 524 million tons.”

Novak added that, according to forecasts, demand will continue to recover. “For Russia, we expect demand in May to reach a pre-deflationary level,” he explained.

Novak pointed out that “the oil sector in Russia will produce approximately 540-550 million tons next year.”

Novak also expected the stability of oil prices at the level of $ 75 a barrel during the next year.

Oil prices rebounded this week as concerns eased about the impact of the highly contagious mutant Omicron on the global economy.

It is noteworthy that the OPEC Plus alliance, which includes member states of the Organization of Petroleum Exporting Countries (OPEC) and its allies outside the organization led by Russia, will meet on the fourth of next January, and the group is likely to maintain its decision to increase oil supplies by 400,000 barrels per day. At its next meeting, oil prices remained above $70 a barrel.

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