Russia's oil production will total 518-560 million tonnes per year in the period from 2021-2023, the exact numbers will depend on the demand recovery, Energy Minister Alexander Novak said on Friday
MOSCOW (Pakistan Point News / Sputnik - 23rd October, 2020) Russia's oil production will total 518-560 million tonnes per year in the period from 2021-2023, the exact numbers will depend on the demand recovery, Energy Minister Alexander Novak said on Friday.
"This year, oil production is expected to decline by around 10 percent to 507 million tonnes, while we initially planned to produce 558-560 million tonnes. From 2021-2023, [yearly] output is expected to total 518-560 million tonnes or to grow to the pre-pandemic level, depending on the situation with demand recovery," Novak told the lower chamber of the Russian parliament.
Oil export is expected to decrease by 16.4 percent year-on-year and total 225 million tonnes in 2020, the energy minister went on to say. According to Novak, the Russian Energy Ministry expects oil export to grow to the pre-pandemic level of 231-266 million tonnes from 2021-2023.
