Putin: Russia's Oil Production Up by About 2% to 535Mln Tonnes Despite Sanctions

MOSCOW (Sputnik) - Oil production in Russia increased by 2% to 535 million tonnes despite sanctions against Moscow, Russian President Vladimir Putin said on Tuesday.

"Despite sanctions pressure, oil production in Russia increased by about 2% in 2022, the production volume amounted to 535 million tonnes," Putin said at a virtual meeting on economic issues.

Western countries have been seeking ways to limit Russia's income from oil and gas exports, as well as their dependence on Russian fuel since the country launched a military operation in Ukraine on February 24. On December 5, the European Union placed a price cap of $60 per barrel on Russian crude oil, joined by the G7 nations and Australia.

In late December, Russian President Vladimir Putin signed a decree banning supplies of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap. According to Kremlin spokesman Dmitry Peskov, the Russian president did not consult with OPEC+ allies before signing off on the response measures.

Speaking about Russia's gross domestic product (GDP), the president said that for 11 months of 2022 it decreased by only 2.1%, in general, by the end of the year it is expected to decrease by 2.5%.

"According to the Ministry of Economic Development... Russia's GDP in January-November of 2022 decreased, but only by 2.1%... In general, a decrease of 2.5% is expected for the whole year," he said.