• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days Once seen as fleeting, a new solar tech proves its lasting power
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 hours Bloomberg - "Hedge Funds Hit by ‘Onerous’ ESG Rule Turn to Lawyers for Help"
Supreme Court Kills Climate Rules

Supreme Court Kills Climate Rules

The U.S. Supreme Court ruled…

The Winners And Losers Of The New Energy World Order

The Winners And Losers Of The New Energy World Order

Russia’s invasion of Ukraine has…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Russia Oil Output Rose 5% In May: Report

  • Crude and condensate production gained 5% month on month according to a Russian industry source.
  • Russian crude oil and condensate production hit 11 million bd in March.
  • Deputy Prime Minister Alexander Novak expects Russian crude production to continue to rise.

Russia's crude oil and condensates production gained 5 percent last month, according to an industry source who spoke to Vedomosti daily.

Compared to May 2021, however, output was down by 2.5 percent, the source also told Vedomosti.

What these latest figures mean, if confirmed by official data, is that Russia's oil output in May averaged 10.2 million bpd, which was down from 11.1 million bpd in February and 11 million bpd in March.

Earlier this week, Deputy Prime Minister Alexander Novak said the government expected Russian oil production to continue rising, with the current month marking the biggest increase from previous months.

Russia's oil production suffered the effects of sanction action from the European Union, the UK, and the United States following Moscow's incursion into Ukraine in late February.

The latest escalation in this action was an in-principle decision by the European Union to embargo Russian oil shipments, leaving only flows via the Druzhba pipeline that feeds oil to Hungary, Slovakia, Poland, and Germany. With the other two planning to stop buying Russian oil by the end of the year, the EU expects to reduce its imports of Russian crude by as much as 90 percent.

It was in this context that the OPEC+ club decided yesterday to boost its target production increase from 432,000 bpd for July and August to 648,000 bpd. Whether it can actually deliver, however, is another question.

Reports that Russia would be exempted or suspended from the OPEC+ deal because of Western sanctions proved inaccurate.

Moscow, meanwhile, called the EU's ambition to reduce oil imports "self-destructive".

"The European Union's decisions to partially phase out Russian oil and oil products, as well as to ban insurance on Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," the Russian Foreign Ministry said in a statement.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News