Russia Cuts Expectations For Taxable Oil Production

Russia’s finance ministry has slashed its forecast for taxable oil production for next year, a draft budget seen by Reuters showed on Friday. The draft budget covers the next three years and forecasts a decline in crude oil production and refining as Western sanctions bite. The finance ministry sees Russian oil and gas condensate production at 490 million tonnes next year, or 9.84 million bpd. This is a 7% - 8% decline from the 10.54 million bpd to 10.64 million bpd that the ministry anticipated this year, the budget showed. Its outlook for…