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Russia to produce 506 mln tonnes of oil 2021, taking into account OPEC + deal

Russian Energy Minister Nikolai Shulginov noted that the volume of oil production with condensate could reach a pre-pandemic level by May 2022

VLADIVOSTOK, September 2. / TASS /. The volume of oil production in Russia at the end of 2021, subject to OPEC + restrictions, may reach 506 mln tons, which is 1% less than in 2020, Russian Energy Minister Nikolai Shulginov told reporters on Thursday on the sidelines of the sixth Eastern Economic Forum (EEF).

At the same time, the volume of processing exceeds the last year's figure by 2%, Shulginov said. "Oil production is 1% lower than last year. I believe that this trend will continue. By the end of the year, it will be about 506 mln in tonnes. It will all of course depend on supply and demand, and the implementation of the OPEC agreement. The refining will be about 2% higher," Shulginov said.

The total investments in the oil industry will amount to about 1.4 trillion rubles, which exceeds the figure for 2019 and 2020. The ministry also forecasts an increase in gas production in annual terms by 10%. Shulginov went on to say that the volume of oil production with condensate could reach a pre-pandemic level by May 2022.

The sixth Eastern Economic Forum is being held in Vladivostok on September 2-4 in a hybrid format, the main theme of the business program is "New Opportunities for the Far East in a Changing World." The forum is organized by the Roscongress Foundation. TASS is the general media partner and the official host photo agency of the event.