Russia’s oil output up by 2 percent in 2022 despite sanctions

Russian President Vladimir Putin said Tuesday that the country's oil production increased by 2 percent over the past year despite Western sanctions, according to the Kremlin.

"I would especially like to talk about the oil and gas sector. Despite the previously mentioned sanctions pressure, oil production in Russia increased by about two percent in 2022," Putin said.

"The volume of production amounted to 535 million tons," he added.

The president also noted that while natural gas production decreased by 11.8 percent, global gas prices have grown significantly following the actions of Western countries.

As a result of these processes, Russian gas producers and exporters contributed bigger revenues to the federal budget, he added.

-RSS