Russia’s crude oil and condensate output fell to a nine-year low in 2020 as the nation took part in historic OPEC+ production curbs.
The Organization of Petroleum Exporting Countries and its allies implemented unprecedented output cuts from May as global lockdowns to contain the spread of Covid-19 crushed demand. Russia shouldered the biggest burden of cutbacks along with OPEC’s de facto leader, Saudi Arabia.
Over the year as a whole, Russia produced 512.7 million tons of crude and condensate, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That equates to daily output of 10.27 million barrels, based on a 7.33-barrel-per-ton ratio. The decline followed 11 consecutive years of growth.
