Russia's Novak expects oil output to shrink up to 8.4% this year - RIA

Russia's oil production is expected to decline to 480-500 million tonnes this year from 524 million tonnes in 2021, Deputy Prime Minister Alexander Novak said, state-run news agency RIA reported on Thursday. The forecast is subject to change depending on the situation, Novak told reporters in Tehran, according to RIA.

The Russian economy ministry has said Russia's oil output this year was set to fall 9.3% to 475.3 million tonnes in the base-case scenario. "I think the contraction will be way smaller. There was only one month with a contraction of more than 1 million barrels per day, which is not as deep by now. So, I think there will be a recovery in the future," Novak told reporters, RIA said.

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