Russia scaled up oil production by 2% in 2022: President Putin

Russia increased its oil production by 2% to 535 million tons in 2022, President Vladimir Putin said on Tuesday.

Gas output dropped 11.8%, but due to high prices, exporters ended the year with profits, Putin said at a government meeting in Moscow.

"Budget revenues increased 10% last year to 27.8 trillion rubles ($404.7 billion)," he said.

"But our expenses also increased, and at a faster pace, and exceeded 31 trillion rubles ($451.4 billion). As a result, the budget deficit amounted to 3.3 trillion rubles ($48.1 billion), or 2.3% of the GDP."

Inflation in Russia stood at 11.9% at the end of 2022, lower than the Central Bank's projections, according to Putin.

He said taming inflation should be a priority for Russia's financial managers, as it affects investments and directly impacts citizens.

He instructed officials to closely monitor the budget deficit to "preserve the sustainability of public finances."

Putin said Russia's defense industry "picked up the pace last year" and continues to support other sectors as it scales up its capacity.