Russian crude oil production, including natural gas condensate, jumped 8% year on year in the first quarter of the year. In March, production increased by 7% over one year. Russia is currently reaping record revenues for its sales of hydrocarbons, still largely exempt from the sanctions imposed on Moscow for its offensive in Ukraine, thanks in particular to a very high gas price.
In May, forecasts from the Russian Economy Ministry nevertheless predicted a drop of around 9% in Russian oil production over the whole of 2022. Exports should fall by a little more than ‘1% in 2022. Many Western buyers have turned away from Russian oil in recent months, causing a sharp depreciation in the price of Russian oil, named Urals.
