The International Energy Agency (IEA) said on Tuesday that it expects Russia's oil supplies to increase by just 0.1 million barrels per day in 2021
MOSCOW (Pakistan Point News / Sputnik - 19th January, 2021) The International Energy Agency (IEA) said on Tuesday that it expects Russia's oil supplies to increase by just 0.1 million barrels per day in 2021.
"For 2020 as a whole, Russian oil supply declined for the first time since 2008 and reached its lowest level since 2011. Crude and condensate production averaged 10.27 mb/d last year, down from a post-Soviet record of 11.25 mb/d in 2019, according to energy ministry data. Assuming full compliance with the revised targets for 1Q21 and a gradual easing of cuts thereafter, output looks set to increase by a modest 0.1 mb/d in 2021," IEA said in its fresh report.
