Oil production in the Russian Federation will decrease by 9.5% in 2020, gas – by 6.4% – forecast of the Ministry of Economic Development

Oil production in the Russian Federation will decrease by 9.5% in 2020, gas – by 6.4% – forecast of the Ministry of Economic Development

Oil production in the Russian Federation will decrease by 9.5% in 2020, gas - by 6.4% - forecast of the Ministry of Economic Development

Production of oil with gas condensate in Russia in 2020 may decrease by 9.5% – to 507.4 million tons (from 560.8 million tons in 2019), according to the baseline for the basic forecast of the Ministry of Economic Development (on Wednesday, at a government meeting), which Interfax got acquainted with.

In 2021, production is expected to recover to 517.8 million tons, in 2022 – to 552.4 million tons and 560 million tons in 2023.

Natural gas production in the country in 2020 will decrease to 690.8 billion cubic meters (from 738.4 billion cubic meters in fact in 2019). In 2021, as the Ministry of Economic Development and Trade expects, it will not be possible to fully restore production – only 728.4 billion cubic meters of production is projected, and only in 2022 there may be an increase in relation to 2019 (up to 770.1 billion cubic meters) with a continuation up to 795.6 billion cubic meters m in 2023.

Natural gas exports in 2020 will fall to 184.5 billion cubic meters. m from 220.6 billion cubic meters. m in 2019. In 2021, exports are almost set to recover – to 220.2 billion cubic meters. m. Then the Ministry of Economic Development expects to be exported in 2022 in 238.4 billion cubic meters. m and in 2023 – 240.5 billion cubic meters. m.

The Ministry of Economic Development estimates the average export price of Russian natural gas for 2020 at $ 129.9 per thousand cubic meters after $ 204.8 in 2019. Then, according to experts of the ministry, the price will be in the range of $ 150-160 ($ 153.7, $ 157.3 and $ 158.4, respectively).

Leave a Reply

Your email address will not be published. Required fields are marked *