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In 2020, oil and gas condensate production fell for the first time since 2008 due to the global coronavirus pandemic and falling demand.
According to Reuters, last year 512.68 million tons were produced, which is the lowest quantity since 2011. As the publication specifies, the average daily production was at the level of 10.27 million barrels. Compared to 2019, production decreased 8.6%.
Russia agreed to cut oil production last April by more than 2 million barrels a day in an unprecedented voluntary cut, along with other major oil producers and the Organization of the Petroleum Exporting Countries (OPEC). The move was designed to boost the oil market. suffering the consequences of the COVID-19 pandemic, “the newspaper writes.
As a result, as indicated in the material, oil production in Russia fell almost to the level of 10 years ago: in 2010 it amounted to 512.3 million tons.
As OBOZREVATEL reported:
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In March 2020, the OPEC countries could not continue with the production agreements. As a result, oil prices have more than doubled since the beginning of the year, breaking records 18 years ago.
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The OPEC + countries finally reached an agreement with Mexico, approving the largest cut ever made in oil production: 9.7 million barrels per day. The agreement went into effect on May 1.
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In early November, the Wall Street Journal reported that global demand for oil began to fall again due to the blockage of the novel coronavirus. Saudi Arabia and other OPEC members began discussing further possible production cuts.
