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Russia’s Finance Ministry has cut its forecast for taxable oil production next year, a draft budget reported via Reuters said on Friday.
The draft covers the next 3 years and foresees a decline in crude oil production and refining as Western sanctions bite.
Its oil production outlook for 2022 has been reduced to 515 million tonnes. After falling to 490 million tonnes next year, the Finance Ministry expects oil production to reach 500 million tonnes by 2024 and 2025.
Taxable oil refining and export volumes were revised down to 8. 20 million bpd next year, from 10. 15 million bpd previously forecast.
“The Economy Ministry’s forecast is based on the overall accumulation of oil exports, adding a backlog in exports eligible for tax exemption, which is connected to an expected accumulation in production in fields benefiting from export duty relief,” the financial report said. Ministry told Reuters.
The refusal of some countries to negotiate with Russia on oil markets and the desire to update Russia’s main exports prompted the revision of oil production forecasts.
The knowledge comes as U. S. and Western officials are crafting their plans to limit the price of Russian oil. Russia has threatened to halt oil deliveries to any customer who pledges to cap prices.
By Julianne Geiger for Oilprice. com
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