Oil production recovering – Russia

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Production of crude oil is on the rise again in Russia in May, after having fallen last month due to Western sanctions, Deputy Prime Minister and former Energy Minister Alexander Novak said on Monday.

“The situation is stable. Production has increased compared to April. We expect that the figures will partially recover in May and will be better,” Novak told journalists.

A number of new customers have started buying oil from Russia, Novak added, saying that exports have actually risen to some destinations, especially in the Asia-Pacific region. Moscow is currently looking at developing new infrastructure projects to diversify its oil deliveries, such as an expansion of a pipeline to China and construction of new ports.

TASS earlier reported that crude oil production dropped by 9% last month compared to March, as international sanctions imposed against Russia over its military operation in Ukraine prohibited Western companies from energy cooperation with the country. The US banned imports of Russian crude and the EU has been pushing for an embargo of its oil. Russia’s Finance Ministry estimates that oil output could drop by up to 17% this year.

For more stories on economy & finance visit RT’s business section

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