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Page added on April 28, 2022

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Russia estimates its oil output could fall as much as 17% this year

  • Russia’s oil output could decline by as much as 17%, Reuters reported Wednesday.
  • The Kremlin is facing its biggest slump in crude production since the early 1990s.

Russia is facing its biggest slump in oil production since the finals days of the Soviet Union, as Western sanctions continue to batter the economy.

The Kremlin sees output falling as much as 17% this year, according to a document from Russia’s economy ministry seen by Reuters that estimated production at 433.8 million to 475.3 million tonnes, down from 524 million tonnes in 2021.

Russian oil production began to drop in March, and by mid-April was already down by 7.5%, according to Reuters.

If the full-year 2022 estimates come true, that would mark the lowest volume of output since 2003, when Russia pumped 421 million tonnes. It would also mark the worst crash in more than 30 years.

As communism was collapsing, Russia’s oil production in 1991 fell 9.5% from 1990 levels and 17.7% from the 1988 peak.

The latest tumble comes as the US has banned imports of Russian oil after Vladimir Putin launched a war on Ukraine, which most global powers have condemned.

Other sanctions have targeted Russia’s oil industry less directly, while the European Union inches toward its own full-scale embargo. Experts estimate Europe is facing an oil deficit of 2 million barrel per day if the EU decides to cut off the Kremlin competely.

The full repercussions of Western sanctions on Russia won’t be fully felt until May, according to the International Energy Agency.

Meanwhile, the US is shipping double the amount to crude to ween Europe off of Russian supplies. And Putin is seeking closer ties with Asia to pivot to other oil markets, with Russia already selling its crude at record low prices to India.

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6 Comments on "Russia estimates its oil output could fall as much as 17% this year"

  1. ExterminateAllTheJews on Thu, 28th Apr 2022 10:13 am 

    I want all the Jews of the earth exterminatred now. I fed up with them. You cannot build beautyu with them. They are only capable of creating ugliness. It is time to exterminate all of them. A renalve stgart with the end of all the Jews on earth. I work only with quality people no garbage like the Jews.

  2. IAmWaiting on Thu, 28th Apr 2022 10:39 am 

    I also demanded that we break Canada is smaller independents nations: Québec, Alberta, and so on. I am still waiting for this to happen.

  3. Ted Wilson on Fri, 29th Apr 2022 8:30 am 

    After hitting record high diesel prices just a month ago, again that record is broken today when average national diesel prices hit $5.180 / gallon.
    Even gasoline prices are staying around record high of $4.331 set on 2022-03-11.

    Unless we move to alternatives like natgas, biofuels, electric, etc, we will see more and more records which hit many people hard the world over.

  4. Ted Wilson on Fri, 29th Apr 2022 8:32 am 

    foolish people who want to sanction all russian oil dont know the fact that the country exports 7 million b/d of oil.
    if we take that much oil out, for sure we will see $200/barrel which will 1st break us economy followed by the worlds economy.

  5. EnjoyYourPainfulDeath on Fri, 29th Apr 2022 10:21 pm 

    I told you what we are going to do to none humans. First you will be transformed into an insectoid, then you will be executed will a slow, bloody and painful facial skin cancer. Then earth will be permanently destroyed via an everlasting ice age.

    We also creating a new animal reality with new dogs, cat, bears and so on. We are also killing all the vegetation by changing it from green to yellow and brown. Yellow and brown being the color of death for the earth vegetation.

    2:40 dog with new eyes.

    0:46 women with the beginning of deadly facial skin cancer.

  6. MyNeighborsExecutionList on Fri, 29th Apr 2022 10:51 pm 

    I also want my neighbors two houses away executed. The daughter will die first in a car accident, then the son will also die in a car accident, the the mother will die of a brain blood blockage. The father will die last in extreme emotional and physical pain of a heart attack.

    This fucker was looking a like a shaking holographic projection when he move in.

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