Russia sees its oil output falling by up to 17% in 2022: document

Russia may see its oil production fall by as much as 17 percent in 2022, an economy ministry’s document seen by Reuters showed on Wednesday, as the country struggles with Western sanctions.

According to the document, Russian oil output may decline to between 433.8 million and 475.3 million tons (between 8.68 million and 9.5 million barrels per day) in 2022 from 524 million tons in 2021.

Exports of oil and gas are also expected to decline this year, the document showed.