According to Russia’s Ministry of Energy, the country is unlikely to return to pre-pandemic oil production levels. Prior to the pandemic, Russia was producing 560 million tonnes of oil, a rate of around 11.3 million bpd, hitting record levels in 2019. However, in 2020, production levels decreased for the first time in over a decade as Russia agreed to cut production alongside OPEC+ countries to help stabilize oil prices.
Under this agreement, Russia decreased production by nine percent to 10.3 million bpd. The Energy Ministry…Will Russia’s Oil Production Ever Return To Record Highs?
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