RUSSIA’S CRUDE OIL OUTPUT TO RISE TO RECORD LEVEL BY 2023
Russia’s crude oil output is projected to recover to record level only in 2023 In 2023, when oil export is expected to rise to 266.2 million metric tons (MMT) due to the development of primary crude oil processing and an increase in refining depth.
Production of oil and gas condensate in Russia is projected at 507.4 MMT this year, a 9.5% decrease compared with 2019, whereas gas output is expected to drop by 6.4% to 690.8 billion cubic meters (BCM), according to the Economic Development Ministry, the Russian news agency TASS reported.
In 2019, Russia’s oil production stayed at a record level of 560.8 MMT, the ministry said. However, Russia’s production will remain under the OPEC+ limitations through 2023. Its recovery to the previous maximum (560 MMT) is probable in 2023, according to the ministry. Meanwhile, oil export will decrease to 225 MMT, or by 16.4% year-on-year. In 2023, oil export is expected to rise to 266.2 MMT due to development of primary crude oil processing and increase in refining depth.
Gas output is projected at the level of 690.8 BCM (-6.4%) considering the current dynamics and the state of global economy in 2020, whereas gas consumption on the domestic market will decline to 473.7 BCM (-0.9%). In the mid-term, the ministry expects gas production to rise, reaching 795.6 BCM in 2023 (up by 3.3% year-on-year and by 7.7% compared with 2019.) Russia’s oil export to non-Commonwealth of Independent States (CIS) countries will increase to 242.2 MMT by 2023 mainly due to growth of supplies to Asian-Pacific states, according to the ministry’s outlook. Export to CIS countries will remain at 24 MMT in 2021-2023.
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