OPEC: Russia produced 10.8 mln bpd of oil, gas condensate in 2021

MOSCOW, Jan 18 (PRIME) -- Russia’s oil and gas condensate production rose by 0.21 million barrels per day (bpd) on the year to 10.8 million barrels per day on average in 2021, OPEC said on Tuesday in a monthly report citing preliminary data.

The organization has kept the forecast for 2022 at 11.78 million bpd.

According to the report, In December, Russia's oil and gas condensate production increased by 0.01 million bpd on the month.

OPEC reiterated its forecast for global oil demand growth at 5.7 million bpd to 96.6 million bpd in 2021, and by 4.2 million bpd to 100.8 million barrels in 2022.

OPEC also confirmed the forecast for oil production outside OPEC at 63.6 million bpd in 2021 and at 66.7 million bpd in 2022.

The OPEC+ countries agreed to reduce their oil output by 9.7 million bpd in May 2020 to fight the consequences of the global coronavirus pandemic, with Russia’s share at 2.5 million bpd. The cut was narrowed to 7.7 million bpd for August–December 2020, and later to 5.8 million bpd.

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