Russian oil production rose by 5% last month after a sharp decline in April, the newspaper Vedomosti reported on Friday, citing a source in the industry.
May output amounted to 10.2 million barrels per day, up from 10 million in April. Still, compared to May 2021, production was down by 2.5%.
Russian Deputy Prime Minister Alexander Novak said at the end of May that oil production in 2022 could drop to 480-500 million tons, from 524 million tons in 2021. According to the official, however, the government expects a gradual recovery in production by about 1 million barrels per day this month.
According to the Vedomosti report, over January-May Russian oil producers increased output by some 3.5% compared to last year to 219.9 million tons. This was led by Surgutneftegaz (up 13%), Lukoil (up 10%) and NNK (up 9%).