Russian oil production falls by nearly 9% in April, amid tensions in Ukraine and western sanctions

An OPEC+ report shows that Russian crude output fell by nearly 9% in April 2022 from the previous month.

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Reuters reports that the fall in crude output is the steepest fall in Russia’s output since the collapse of the Soviet Union in the 1990s.

However, regardless of the drop in output, Russia’s oil and gas revenue has actually exceeded the revenue for the first three months of 2022.

In April 2022, Russia’s revenue from oil and gas stood at 1.81 trillion roubles ($27.92 billion). While during the first three months of 2022, the total revenue stood at 2.97 trillion roubles, Reuters reports.

Reuters Graphic

In a graphic, it is shown that due to the drop in output, Russia is not meeting its required production output for OPEC+.

Russian media is reporting that Russia “might lose up to 17% of oil production in 2022 due to sanctions” the Finance Minister Anton Siluanov confirmed to TASS.

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