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Russia Says Its Oil Output May Drop as Much as 17% This Year

  • Production will depend on export volumes: Finance Minister
  • Country will work to redirect its oil to new markets: Siluanov
A refinery in Nizhny Novgorod, Russia.

A refinery in Nizhny Novgorod, Russia.

Source: Bloomberg

Russia’s oil production this year may drop by as much as 17% amid international restrictions on buying the nation’s crude, said Finance Minster Anton Siluanov. 

“The output will decline. By what amount? 17%, a bit more or a bit less, that’s possible,” Siluanov told reporters at a briefing on Wednesday. He didn’t specify whether he was talking about a drop from production levels at the start of the year, or comparing annual averages.