As for what's next for Russian oil production, Novak noted that Russia's oil production increased by 600,000 barrels per day in mid-June compared with May, and Russia is close to returning to February production levels.

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Since the conflict between Russia and Ukraine, many European and American countries have restricted or even banned the import of Russian oil. However, the latest data shows that in June, Russian oil production increased instead of decreasing.

Just on Monday (1st), according to "Tass " citing sources familiar with official statistics, In June this year (1-29th), Russia's average daily production of condensate was 1.461 million tons. This is even an increase of 4.7% from the average daily output in May of 1.395 million tons.

In fact, the latest data shows that Russia’s oil production has mostly gradually increased since 2021. However, in March this year, due to the conflict between Russia and Ukraine, European and American restrictions prohibited investment in Russian crude oil exploration, production and processing. Subsequently, Russian oil production once fell.

According to specific data, in the first half of April, Russian oil production fell by 6% compared with March, and by the end of the month, the decline reached about 9%.

In response, Russian Finance Minister Siluanov said that Russia may lose up to 17% of its oil production in 2022 due to economic constraints.

Meanwhile, Russia's former energy minister and deputy prime minister - Alexander Novak said the Russian government expects to partially restore oil production to about 1 million barrels per day after falling in April.

As for what's next for Russian oil production, Novak noted that Russia's oil production increased by 600,000 barrels per day in mid-June compared with May, and Russia is close to returning to February production levels.

However, Novak did not rule out that Russian oil production could fall to 500 million tons by the end of 2022 from 524 million tons in 2021.

What do you think about this? What do you think will happen to Russian oil production next?

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