Russian Deputy Prime Minister Alexander Novak said that an increase in oil and gas condensate production in Russia is expected in 2022 and 2023, stressing that Russian oil production will return to pre-pandemic levels in April and May.
Novak added, in statements to a magazine affiliated with the Russian Ministry of Energy, that Russian oil production It is expected to reach 540-560 million tons (10.8-11.2 million barrels per day) next year and to 542-562 million tons in 2023.
Novak expects production to reach 524 million tons this year.
Oil prices fell on Friday, amid limited trading during the Christmas holidays after rising for three days, but crude is still heading towards recording weekly gains, while the market focuses on the next steps of the OPEC + group and the impact of the mutant Omicron.
Brent crude futures fell more than 1% below $76 a barrel, after gains of 2.1% in the previous session. Crude is still on track to record a weekly increase of about 4%.