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Russia sees oil output rising after OPEC+ deal expires in 2022

Source: The Economic Times

Russia expects its oil production to increase after the current OPEC+ deal on output curbs runs its course in April 2022, data from the economy ministry published on Saturday showed.

Russia, which the ministry expects to produce 507.4 million tonnes of oil this year, is seen increasing its production over the next three years to 560 million tonnes, or 11.2 million barrels per day, in 2023.

Ministry data forecasts an increase in oil exports to 266.2 million tonnes by 202

3, slightly lower than last year’s exports.

The ministry forecast oil exports of 225 million tonnes this year, down from 269.2 million tonnes in 2019.

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