Crude oil production in Russia could shrink by up to 8 percent this year, Deputy Prime Minister Alexander Novak said today, as quoted by RIA Novosti. The total oil output of the country this year could be between 480 and 500 million tons, Novak said, which would be a 5-8-percent decline from 2021. But this forecast could change depending on the situation, Novak said. Earlier this year, the Russian economy ministry forecast a sharper decline in oil production, of about 9.3 percent to 475.3 million tons, under its base scenario. This rises to 17.2…
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