Russia’s oil production fell to 2011 levels below 2011 levels due to production cuts under OPEC + and reduced demand due to the coronavirus crisis, MTI wrote, citing Russian news agency Interfax.
- Russia today last 10.27 million barrels Crude oil and equivalent barrels are produced from gas condensate daily as of 2019 To 11.25 million Compared to.
- Production by weight 512.68 million tons Dropped 560.2 million, A record since the dissolution of the Soviet Union.
Production in 2020 is the lowest boost since 511.42 million tons in 2011, in addition to being the first annual decline in production since the global financial crisis of 2008.
The Organization of the Petroleum Exporting Countries, OPEC and the informal community of major oil producing countries outside the organization, OPEC +, agreed in April of last year to cut production by 9.7 million barrels per day, about 10% of global demand.
From this, Russia gets a reduction of about 2 million barrels per day. The cap was gradually reduced to 7.7 million barrels per day from August to December.
In January, OPEC + is expected to cut the cap by 500,000 barrels per day, that is, to increase production. Russia will receive an increase in production of 125,000 barrels per day. OPEC + will increase production by an additional 500,000 barrels per day from February.