Russian Oil Production to Decline 17% This Year — Finance Minister
Storage tanks are filling up
Editor’s note: There are complications with shipping and payments caused by sanctions. Also some countries and companies are trying not to buy Russian if they can. This means less demand which means storage will soon be full after which production must drop.
Siluanov speaks of a 17% drop but the government just stopped publishing oil production data so it could be 30% and we wouldn’t know.
Source: Komsomolskaya Pravda
Machine translated from Russian.
Oil production in Russia may be reduced this year by 17%, says Russian Finance Minister Anton Siluanov.
“If Western countries refuse, we will look for other sources of consumption of our energy. If they refuse in one place, we will sell to other places. There will be a decline in production. 17%, a little less, a little more. Maybe so,” he told reporters.
The head of the Ministry of Finance noted that now it is difficult to assess how energy sales will continue to be conducted.