RUSSIA’S CRUDE AND FUEL OUTPUT PROJECTED TO DROP IN COMING YEARS

30 September 2020

SOURCE: LUKOIL.COM

RUSSIA’S CRUDE AND FUEL OUTPUT PROJECTED TO DROP IN COMING YEARS

Production of oil and gas condensate in Russia is projected at 507.4 million tons in 2020, a 9.5 percent decrease compared with 2019, according to the country’s report on social and economic development for 2021 and the planned period of 2022 and 2023 presented by the Economic Development Ministry.

In 2019, Russia’s oil production stayed at a record level of 560.8 million tons. However, the country’s production will remain under the OPEC+ limitations through 2023. Its recovery to the previous level of 560 mln tons is probable in 2023. Besides, in 2020, oil export will decrease to 225 million tons, or by 16.4 percent yearon-year. In 2023, oil export is expected to rise to 266.2 mln tons. In its report, the Economic Development Ministry expects that Russia’s oil export to “far abroad” countries will increase to 242.2 million tons by 2023 mainly due to the growth of supplies to Asian and Pacific nations. Between 2021 and 2023 export to CIS countries will remain at 24 million tons. In 2019, Russia’s explored reserves totaled 6.2 percent of the