Novak: Russia’s Oil Output to Amount to 510-520mln Tonnes in 2020

Russia will produce from 510 million to 520 million tonnes of crude in 2020, Russian Energy Minister Alexander Novak told reporters after the OPEC+ Ministerial Meeting on Saturday, TASS reported.

“We had an estimate of some 510-520 million tonnes, so within this amount,” Novak said adding that the indicator includes gas condensate.

Earlier in the day, 13 members of the Organization of the Petroleum Exporting Countries (OPEC) held a meeting to agree the extension of current oil output cuts (9.7 million barrels in May-June) until the end of July.

Apart from that, according to the OPEC final declaration, any country that fails to implement 100% of its output reductions in May and June under the OPEC+ deal will have to make extra cuts from July to September.

The OPEC+ agreements will have a positive impact on future stabilization of the global energy markets, Kremlin Spokesman Dmitry Peskov told TASS on Saturday. “These agreements will have a positive effect on future stabilization of the energy markets,” he said.

It was reported earlier that the OPEC-non-OPEC Ministerial Meeting agreed on Saturday to extend oil production cuts by 9.7 million barrels per day until late July. Apart from that, the OPEC ministers bound non-compliant members to make extra reductions in July-September.

Scroll to Top