- Russia's Novak: Oil output to shrink up to 8.4% in 2022
Market news
27 May 2022
Russia's Novak: Oil output to shrink up to 8.4% in 2022
Russian Deputy Prime Minister Alexander Novak said late Thursday, the country’s “oil production is expected to decline to 480-500 million tonnes this year from 524 million tonnes in 2021.”
Additional quotes
“The forecast is subject to change.”
“I think there will be a recovery in the future.”
Market reaction
WTI was last seen trading at $113.00, down 0.21% on the day.
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WTI Price Analysis: Steadies above $113.00, six-week-old resistance line in focus
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