Russia will boost crude oil and gas condensate production by some by 5 per cent, estimates Deputy Prime MinisterAlexander Novak.
After declining demand resulting from the Covid-19 pandemic, this year Russia is planning to restore production to pre-pandemic levels by the end of 2022. “For 2023, output of liquid hydrocarbons is expected to be 540-560 million tonnes and in 2023 542-562 million tonnes. That means we expect to see a trend to increasing oil output,” he wrote.
Furthermore, Novak expects global oil demand to fully recover to the pre-pandemic level by the end of 2022: “Demand will continue to recover as itis growing in the world even though the pandemic has not gone anywhere and still comes in waves, but countries have learned to live with it”.