2022 June 22 10:31

Five-month Russian crude exports fell 12.6%

Crude oil production in Russia in May was down 2.5%

Crude oil exports from Russia in January - May 2022 declined by 12.6% to 102.7 million tonnes, a study of the Institute for Natural Monopolies Research (IPEM) shows. Crude oil production in Russia in May 2022 was down 2.5% to 43.1 million tonnes.

The decline is seen in oil production for the second month in a row. The relatively small decrease was redoubled by a low base last year. At the same time, OPEC + decided to increase the rate of recovery of oil production under the deal from 432 000 barrels to 648 000 barrels per day for the period of July-August due to growing demand for crude oil from the world market.