Moscow raises oil and gas production in December

Russia's production of oil and gas condensate increased from 10.89 million barrels per day in November to 10.90 million barrels per day in December, according to a report by Interfax news agency today, Sunday, based on data from the Ministry of Energy.

According to Arabiya Net, Interfax said total oil and gas condensate production reached 46.11 million tons last month, up from 44.56 million tons in November.

Data on Sunday showed that annual oil production in Russia rose more than 2% last year, thanks to the easing of production cuts agreed by the OPEC + group after the drop that caused There is a COVID-19 pandemic in 2020.

According to Energy Ministry data and Reuters calculations, Russian oil and gas condensate production increased to 10.52 million barrels per day last year, from 10.27 million in 2020. In tons, oil and condensate production increased gas in 2021 to 524.05 million tons from 512.68 million in 2020. But it remained below the record level reached after the collapse of the Soviet Union, which is 560.2 million tons, or 11.25 million barrels per day in 2019.

Interfax also reported that Russian natural gas production jumped 10% last year to 762.3 billion cubic metres.

Russia had agreed in April 2020 to reduce its production by more than two million barrels per day, in an unprecedented voluntary move in agreement with other major producers and the Organization of the Petroleum Exporting Countries (OPEC). OPEC).

Alexander Novak, Deputy Prime Minister, said that the country's oil production is expected to rise to between 540 and 560 million tons (between
11.8 and 11.2 million barrels per day) in 2022 and between 542 and 562 million tons in 2023.

OPEC+ is now easing production curbs, and agreed in early December to stick to its plan to increase production by 400,000 barrels per day in January.

Novak said the OPEC+ alliance will continue to increase supplies to meet the growing demand for oil.

He added that oil market volatility is not very high at the moment.

On his expectations for the next year, the Russian Deputy Prime Minister said that his country expects a recovery in the balance of supply and demand in the global oil market in 2022.

The OPEC+ group maintained its plans to increase production planned for January at 400,000 barrels per day, but gave itself room to be flexible and adjust production as needed.