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Russia’s oil output will grow by 2.1%, gas - by around 10% in 2021 — Novak

The Deputy Prime Minister pointed out that oil and gas revenues in the Russian budget would amount to about 8.5 trillion rubles ($116.1 bln) at the end of 2021

© Yegor Aleyev/TASS

MOSCOW, December 24. /TASS/. By the end of the year, Russia will increase oil production by 2.1% year-on-year, gas - by almost 10%, coal - by 9.5%, and electricity production - by 6%, Russian Deputy Prime Minister Alexander Novak said in an interview with Rossiya 24 TV channel.

"If we talk about indicators, the power industry will generate around 6% more than last year, and consumption will increase by about 5%. This shows the recovery of the economy of our country, an increase in consumption both by the population and by industrial enterprises. We also see positive results in the oil and gas industry. Speaking of oil production, we expect to see an increase in output by 2.1% by the end of 2021, we expect about 524 mln tonnes of production. The figures for gas output are even higher compared to last year - gas production in the country will increase by around 10% and 9.5% more will be supplied to foreign markets in 2021. In terms of coal, we also see 9.5% higher than last year - 440 mln tonnes will be mined," Novak said.

He added that oil and gas revenues in the Russian budget will amount to about 8.5 trillion rubles ($116.1 bln) at the end of 2021.

According to him, the main goal of the fuel and energy complex in Russia is to provide the population with energy products and preserve the export potential to form budget revenues.

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