Russia may reach record-high output levels of oil by summer 2022, and may then further raise production to a peak of some 12.2 million barrels per day in 2023, Norway’s Rystad Energy consultancy predicts.
“The [Organization of the Petroleum Exporting Countries and allies] coalition’s recent agreement to steadily raise oil production is paving the way for Russia to slowly shrug off Covid-19 curtailments. The country is on track to set a new monthly crude and condensate output record of 11.6 million barrels per day already in July 2022,” the firm said on Friday, in a statement. The country’s current monthly production record was set in December 2018 with 11.5 million barrels per day.
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