Min sees Russian oil output at 518–560 mln tns/yr in 2021–23

MOSCOW, Oct 23 (PRIME) – Russia will produce 518–560 million tonnes of oil per year in 2021–2023, Energy Minister Alexander Novak said on Friday.

"Oil output will fall by about 10% to the level of 507 million tonnes this year while the plan was 558–560 million tonnes. In 2021–2023, as demand recovers, production is planned between 518 million and 560 million tonnes, depending on the situation, which means that it will recover to the pre-pandemic level," Novak said.

He said that oil exports will amount to 225 million tonnes in 2020, falling by 16.4%, and in 2021–2023, it will recover to the pre-pandemic level of 231–266 million tonnes.

Coal production in Russia will decrease by 10.5% in 2020.

"For 2021–2023, this figure is forecasted at 390 million tonnes and we expect recovery of coal production in this period," Novak said.

He also said that exports in 2020 can fall by 13% to 193 million tonnes.

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