Russian Deputy Prime Minister Aleksandr Novak told reporters in the capital Moscow that Russia’s oil production at the beginning of this month was better than in April.
Pointing out that they expect the country’s oil production to improve this month, Novak said, “Russia’s oil production will increase in May compared to the previous month.”
After the Kremlin’s attacks on Ukraine, many countries began to impose sanctions on Russia.
Pointing out that Russian oil companies are diversifying their export routes, Novak said, “They are looking for new destinations in new conditions and creating new shipping chains. We see that there are new buyers and there are higher volumes of shipments to new routes, including Asia-Pacific.”
Explaining that they will make new investments to diversify oil exports, Novak noted that the expansion of the East Siberian Pacific Ocean line extending to China is among these investments.
Novak, in a statement on April 7, said that they expect oil production to decrease by 4 to 5 percent in April compared to March due to logistics problems.
The Russian Ministry of Finance also reported on May 6 that the Russian budget received 133 billion rubles less than expected from oil and gas exports in April.