Govt cuts forecasts for Russia’s oil, gas, coal output in 2020

MOSCOW, Dec 11 (PRIME) -- The government has reduced its forecasts for Russia’s production of oil, natural gas, coal, and bulk polymers, including rubber, in 2020, as seen by PRIME on Friday in a ruling published on the government’s website for disclosure of legal information.

The oil output forecast was reduced to 507.4 million tonnes in 2020 from 560 million tonnes, production of natural and associated gas is now expected at 690.8 million tonnes this year instead of 743.1 million tonnes. The coal forecast was cut to 395 million tonnes from 448 million tonnes, and production of bulk polymers is now expected at 6.3 million tonnes, down from 7.9 million tonnes.

In September, the Energy Ministry adjusted the forecasts in the wake of the OPEC+ deal, while production of natural gas should fall due to a warm 2019–2020 winter and summer, which led to an anomaly high amount of gas stored in Europe’s underground storages in 2020.

Production of coal was adjusted on the back of data provided by coal companies, and it may be reduced further in the future. Finally, the output of bulk polymers was brought in line with the government’s plan for development of the petrochemical industry of the country until 2030.

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