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Russia's annual oil production tumbles for first time in 12 years

Russia s annual oil production tumbles for first time in 12 years
Russian oil and gas condensate output declined to 10.27 million barrels per day (bpd) last year, according to energy ministry data cited by the Interfax news agency
Reuters | January 2, 2021 | Updated 13:35 IST
The 512.68 million tonnes reading for 2020 was the lowest since 511.43 million tonnes in 2011, and the first annualised decline since 2008 amid the global financial crisis and falling oil prices
Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed on Saturday. Russian oil and gas condensate output declined to 10.27 million barrels per day (bpd) last year, according to energy ministry data cited by the Interfax news agency. ....

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