Russian President Vladimir Putin has said that the country's oil production increased by 2 per cent 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 per cent in 2022," Putin added on Tuesday. "The volume of production amounted to 535 million tons," he said.The President also noted that while natural gas production decreased by 11.8 per cent, global gas prices have grown significantly following the actions of Western countries, Xinhua news agency reported.
As a result of these processes, Russian gas producers and exporters contributed bigger revenues to the federal budget, he added.