Russian oil output increases 3.3% in 1st 7 months of 2022

By Sibel Morrow

ANKARA (AA) - Russian oil production grew 3.3% to 309 million tons in the January-July period of the year relative to the same period last year, according to figures released by Russia's Ministry of Economic Development and Federal State Statistics Service (Rosstat) on Wednesday.

The country’s oil production reached 45.5 million tons in July, up 3.8% compared to production over the same month last year.

Amid unfolding sanctions by the US and EU countries on Russian hydrocarbon products, several countries have either stopped or reduced the volumes of their imports from Russia, prompting Russia to turn to Asian countries for alternative markets.

In a report by the Central Bank of Russia released on July 26, China and India, in particular, increased imports from Russia to take advantage of discounted oil and oil products, which have seen the lion’s share of growth from Russian oil production.

Russia, one of the largest oil producers in the world, produced 536 million tons of oil last year.