The OPEC+ deal, concluded in April amid falling global demand, may lead to a double-digit decline in Russian crude oil production for the first time in more than 25 years. Having increased in 2018 by 1.7% (to 555.9 million tons), and in 2019 – by 0.9% (to 561.2 million tons), the production of oil and gas condensate in the first seven months of 2020 decreased by 6.4% in annual terms, to 304.4 million tons (hereinafter, Refinitiv data is given with reference to the Energy Ministry’s CDU TEK unit). Moreover, in the second quarter, production fell by 10.3% compared to the same period last year (to 124.3 million tons), and in July – by 15.9% (to 39.7 million tons). The effect of the April agreement is clearly seen in the statistics of daily production provided by the already mentioned CDU TEK (all values presented below are converted by a 7.33 […]