The oil production in Russia is expected to grow by 2.1% this year, Russian Deputy Prime Minister Alexander Novak said on Friday, adding that it will reach up to 524 million tonnes
MOSCOW (Pakistan Point News / Sputnik - 24th December, 2021) The oil production in Russia is expected to grow by 2.1% this year, Russian Deputy Prime Minister Alexander Novak said on Friday, adding that it will reach up to 524 million tonnes.
"If we talk about oil production, we expect an increase in production by 2.1% in general by the end of 2021, that is, we approximately expect 524 million tonnes of production," Novak told the Rossiya 24 broadcaster.
In addition, Novak said that the production is expected to reach "540-550 million tonnes" in 2022.
The Russian official also said that the current oil price, $75 per barrel, is stable and is likely to remain at the same level next year.
"At the end of 2021, the production of oil and gas condensate is projected to be about 522-524 million tonnes, export will be more than 230 million tonnes, Primary processing will be at the level of 282.8 million tonnes (in 2020 there were 274.8 (million tonnes))," Novak said in his column for the Energy Policy journal.
According to the Russian Energy Ministry, in 2020, the country produced 512.8 million tonnes of oil and gas condensate. Russia's oil exports in 2020 amounted to 232.5 million tonnes.
