Photo: REUTERS/Sergei Karpukhin
Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus.
In tonnes, oil and gas condensate output dropped to 512.68 million in 2020 (the lowest since 511.43 million tonnes in 2011, and the first annualised decline since 2008) from a post-Soviet record-high of 560.2 million, or 11.25 million bpd, in 2019.
Russia agreed to reduce its oil production in April last year by more than 2 million barrels per day, an unprecedented voluntary cut, along with other leading oil producers and OPEC.The move was designed to bolster the oil market beset by the fallout from the COVID-19 pandemic.
Since the April agreement, a record for global supply reductions, the group known as OPEC+ has progressively reduced the cuts and is expected to release an extra 500,000 bpd into the market in January.