Russia’s Finance Ministry has cut its forecast for taxable oil production next year, a budget proposal presented to Reuters on Friday showed.

The draft budget covers the next three years and forecasts a decline in crude oil production and refining if western sanctions take hold.

The Treasury sees Russia’s oil and gas condensate production next year at 490 million tons, or 9.84 million bpd. This is down 7% to 8% from the 10.54 million bpd to 10.64 million bpd that the…

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