Russia's oil production growth in 2021 exceeds 2%, slowing down due to production cuts

According to foreign news on January 2, data released on Sunday showed that due to the slowdown in OPEC's production reduction measures, Russia's oil production in 2021 will increase by more than 2%, and the impact of the epidemic will be reduced in 2020
.


Interfax, citing data from the Ministry of Energy, showed that Russia’s oil and natural gas condensate output last year was 10.
52 million barrels per day, up from 10.
27 million barrels per day in 2020
.


Calculated in ton, the annual output of oil and natural gas condensate was 520.
05 million tons, higher than the 5126.
8 million tons in 2020, but still lower than the 560.
2 million barrels or 11.
25 million barrels per day in 2019
.


According to Interfax, Russia’s oil exports to countries outside the former Soviet Union will decrease by 2.
2% to 214.
4 million tons in 2021
.
It also stated that natural gas production jumped 10% last year to 762.
3 billion cubic meters
.


  In April 2020, Russia agreed to cut production by more than 2 million barrels per day.
This was an unprecedented voluntary reduction.
Other major oil-producing countries and the Organization of the Petroleum Exporting Countries (OPEC) jointly implemented production cuts
.


  Deputy Prime Minister Novak said that in 2022, Russian oil production is expected to further increase by 540-560 million tons (1,080-11.
2 million barrels/day), and further increase to 542-562 million tons in 2023
.


  He also said that Russia's oil production will return to pre-epidemic levels by May 2022, although some analysts have expressed doubts about the timeline
.


  There are reports that many oil-producing countries have almost exhausted their idle capacity
.


  OPEC is now relaxing restrictions on production cuts, and in early December agreed to stick to its plan to increase production by 400,000 barrels per day in January
.