Novak sees Russian oil output falling 5–8% to 480–500 mln tns 2022

TEHRAN, May 26 (PRIME) -- Russia’s oil production is expected to fall by 5–8% to 480–500 million tonnes in 2022, but the forecast can change depending on the situation, Deputy Prime Minister Alexander Novak told reporters during his visit to Iran on Thursday.

The Economic Development Minister earlier said that Russia’s oil output would decrease by 9.3% to 475.3 million tonnes in 2022 under a basic scenario.

“I think that the reduction will be much smaller. We have had only one month of a fall of slightly above 1 million barrels per day, now it is smaller. That is why I think we will have further recovery,” he said.

Novak also said that Russia have not yet adjusted its target to produce up to 140 million tonnes of liquefied natural gas (LNG) by 2035 and is working on it.

“We have not adjusted the LNG target. We are working to reach the figures envisaged by our strategy even if we use local technologies… A program to develop Russian technologies has been approved. I am sure it will be fulfilled, there is nothing difficult there,” he said.

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