Russia's oil output may drop as much as 17%

Russia's oil output may drop as much as 17%

Russia’s oil production this year may drop by as much as 17% amid international restrictions on buying the nation’s crude, Russian Finance Minster Anton Siluanov said. 

“The output will decline. By what amount? 17%, a bit more or a bit less, that’s possible,” Siluanov told reporters at a briefing on Wednesday. He didn’t specify whether he was talking about a drop from production levels at the start of the year, or comparing annual averages.

The exact volumes will depend on foreign appetite for Russia’s barrels. Siluanov said. “We don’t know now which countries will refuse them and which won’t,” he said, adding that Russia will work to redirect its flows to markets still interested in buying its oil.

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