Russia has increased its forecast for its oil exports in 2022 by 6.7% from previous projections to 273.8 million tonnes, the TASS news agency reported on Tuesday, citing the draft budget, as the country raises oil production.
The natural gas exports forecast for 2022 has been revised down by 3.3% to 230.5 billion cubic metres, according to TASS.
It also said Russian oil production is seen at 516.8 million tonnes this year and is expected to rise to 559.9 million tonnes in 2022.
OPEC+ leading oil producers including Russia have been increasing their oil output to meet the improving global demand buoyed by easing of pandemic-related restrictions.
Russia is expecting its oil production to reach pre-crisis level in May 2022.
Russia’s production C-RU-OUT fell last year for the first time since 2008 and reached its lowest level since 2011 as part of the OPEC+ pact. O/RUS1
The country’s oil exports are seen at 220 million and 230 million tonnes this year, down from 239 million in 2020, depending on domestic needs.
Source: Reuters (Reporting by Maria Kiselyova and Vladimir Soldatkin; Editing by Catherine Evans)