MOSCOW, May 26 ― Russia's oil production is expected to decline to 480-500 million tonnes this year from 524 million tonnes in 2021, Deputy Prime Minister Alexander Novak said, state-run news agency RIA reported today.

The forecast is subject to change depending on the situation, Novak told reporters in Tehran, according to RIA.

The Russian economy ministry has said Russia's oil output this year was set to fall 9.3 per cent to 475.3 million tonnes in the base-case scenario. “I think the contraction will be way smaller. There was only one month with contraction of more than 1 million barrels per day, which is not as deep by now. So, I think there will be a recovery in the future,” Novak told reporters, RIA said. ― Reuters

MOSCOW, May 26 ― The Russian rouble weakened ahead of an off-schedule central bank policy meeting that will likely see interest rates lowered today, though it still traded not far from multi-year highs against the euro and dollar, buoyed by capital controls.

The central bank is due to announce its decision on rates at 0730 GMT. Several analysts expect a key interest rate cut to 12 per cent from 14 per cent. Before Russia sent tens of thousands of troops into Ukraine on February 24, the rate stood at 9.5 per cent.

At 0703 GMT, the rouble was 1.7 per cent weaker against the dollar at 60.33 and had lost 2 per cent to trade at 61.86 versus the euro.

The rouble is the world's best-performing currency so far this year, supported by capital controls, new gas payment terms requiring conversion of foreign currency into roubles and a fall in imports. ― Reuters