Oil production in Russia decreased by 8.6% in 2020

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Oil production in Russia decreased by 8.6% in 2020
Oil production in Russia decreased by 8.6% in 2020
16 March, 19:34Economy
According to the results of the last year, oil production in Russia decreased by 8.6% - to 512.8 million tons. This was announced by the Minister of Energy Nikolai Shulginov.

According to this indicator, the country remains in second place in the world.

Russian oil exports fell by 12% over the year and continues to fall in 2021. In January, according to the Federal Customs Service, crude oil supplies abroad decreased by 27.1% , gasoline - by 29.8%.

The minister expects that the main production indicators will remain at the level of 2020 and this year. “However, everything will depend on the economic recovery”, - he added. He is quoted by TASS.

Gas production in the country last year decreased by 6% - to 692.9 billion cubic meters, the minister said. At the same time, its supplies abroad decreased slightly - by only 2.4%.

As a reminder, Russia is cutting oil production as part of the OPEC + agreement. Oil-producing countries have agreed to cut production because in the world against the background of the coronavirus pandemic and the lockdown introduced, the demand for oil has decreased, the price for it has fallen. In April last year, oil actually ceased to be a commodity, as its price became negative. The resource prices have now stabilized at $ 67.8 per barrel for the benchmark Brent crude, after hitting $ 69 a few days ago. WTI is traded at $ 64.4 per barrel. A few days earlier, the price for it was one dollar higher. Against this backdrop, the OPEC + countries decided not to increase production from April this year, as originally planned, in order to support prices. An exception was made only for Russia and Kazakhstan.

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