Oil Production in Russia to Decrease by 8.4%

Oil production in Russia by the end of 2020 will decrease by 8.4%, to 514 million tons, and gas – by 5%, to about 700 bcm

Deputy Prime Minister of the Russian Federation Alexander Novak reported this at a meeting with President of the Russian Federation Vladimir Putin.

“As for the oil production indicators, this year we will produceabout 514 million tons, which is 8.4% less than last year,” the Deputy Prime Minister quotes TASS as saying.

According to him, the reduction in oil production is associated with the implementation of the OPEC+ agreement. At the same time, about 25% of the national oil production has already recovered due to the recovery in demand in the world.

“If we pay attention to the production of natural and associated gas, we expect about 700 bcm this year; the production is 37 billion or 5% less than last year,” Novak said. 

Caspian Barrel