Moscow, Jan. 2 (BNA): Russia’s annual oil production rose by more than 2% last year, data showed on Sunday, thanks to the easing of production cuts by the OPEC + group of major oil producers after a decline caused by a pandemic in 2020.
Russia’s production of oil and gas condensate rose to 10.52 million barrels per day last year, according to Energy Ministry data cited by Interfax news agency and Reuters calculations, from 10.27 million barrels per day in 2020.
In tons, oil and gas condensate production rose to 524.05 million in 2021 from 512.68 million tons in 2020, but still below the post-Soviet record high of 560.2 million or 11.25 million barrels per day in 2019, Reuters reported.
According to Interfax, Russian oil exports outside the former Soviet Union decreased by 2.2% in 2021 to 214.4 million tons. It also said that Russian natural gas production jumped 10% last year to 762.3 billion cubic metres.
In April 2020, Russia agreed to cut its oil production by more than two million barrels per day, an unprecedented voluntary cut, along with other major oil producers and the Organization of the Petroleum Exporting Countries (OPEC).
Deputy Prime Minister Alexander Novak said the country’s oil production is expected to rise to 540-560 million tons (10.8-11.2 million barrels per day) in 2022, and to 542-562 million tons in 2023.
He also said Russia would restore its oil production to pre-pandemic levels by May 2022, although the timeline has been questioned by some analysts.
Several oil producers reported almost running out of spare production capacity after they cut production along with other OPEC+ producers.
OPEC+ is now easing production restrictions, and in early December agreed to stick to its plan to increase production in January by 400,000 barrels per day.
M