Russia sees oil output rising after OPEC+ deal expires in 2022

Moscow

Russia expects its oil production to increase after the current OPEC+ deal on output curbs runs its course in April 2022, data from the economy ministry published on Saturday showed. Russia, which the ministry expects to produce 507.4 million tonnes of oil this year, is seen increasing its production over the next three years to 560 million tonnes, or 11.2 m barrels per day, in 2023.

Ministry data forecasts an increase in oil exports to 266.2 m tonnes by 2023, slightly lower than last year’s exports. The ministry forecast oil exports of 225 m tonnes this year, down from 269.2 m tonnes in 2019.