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Russia's oil production forecasted to fell by at least 9% in 2022

The Russian Ministry of Finance forecasts that Russia could see its oil production fall by between 9% and 17% in 2022 as Western sanctions and departing international oil companies complicate extraction and reduce demand.

In addition, oil exports are set to decline by 1% to 8% in 2022. Russia produced 524 Mt of oil and gas condensate in 2021 (+2.2% compared to 2020), according to preliminary statistics released by the Central Dispatching Department of Fuel Energy Complex (CDU TEK). 

Where natural gas is concerned, Gazprom anticipates a 4% fall in its output in 2022. The company produced 515 bcm of natural gas in 2021 (+14%). Gazprom's gas exports beyond the former Soviet Union rose by 3.2% to a record level of 185 bcm, with higher exports in 15 countries, including Germany (+10.5%), Turkey (+63%) and Italy (+20%).