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Russia’s oil and gas production will decrease this year

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Russian Power Minister Nikolay Shulginov said that due to the sanctions, oil production in Russia will decrease by 2 percent, natural gas production by 7 percent and coal production by 6 percent compared to 2021 this year.

In a statement to the Russian news agency TASS, Shulginov made evaluations of the Russian power branch, which Western countries impose comprehensive sanctions on.

Stating that Russia will reduce its oil production this year, Shulginov said, “Oil production is increasing at the moment, but by the end of the year, we expect production to decrease by 2 percent compared to last year. Refinery oil products production will also decrease by 8 percent depending on the current trend.” he said.

Stating that natural gas production in the country will also decrease, Shulginov said, “The decrease in natural gas production will be at the level of 7 percent. Exports will decrease with pipe boundaries, liquefied natural gas (LNG) exports will remain at last year’s levels.” he said.

Statating that Russia’s coal production will decrease by 6 percent this year compared to 2021 due to the European Union’s (EU) embargo, Shulginov said, “The interest shown in our coal exports makes us optimistic. China, India and the Middle East are increasing their purchases, so we do not expect a big decrease. “We may not be able to reach last year’s levels due to logistical problems, but we will be close,” he said.

After the Ukraine war, which started on February 24, Western countries took a number of sanctions, especially against the Russian power sector.

While the USA and some EU countries stop the import of Russian power supplies within the scope of sanctions, some countries reduce the import of the mentioned resources.

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