According to Russia’s Ministry of Energy, the country is unlikely to return to pre-pandemic oil production levels. Prior to the pandemic, Russia was producing 560 million tonnes of oil , a rate of around 11.3 million bpd, hitting record levels in 2019. However, in 2020, production levels decreased for the first time in over a decade as Russia agreed to cut production alongside OPEC+ countries to help stabilize oil prices. Under this agreement, Russia decreased production by nine percent to 10.3 million bpd. The Energy Ministry believes that production levels will gradually increase, but not to pre-pandemic levels, reaching an estimated 11.1 barrels a day by 2029 before ultimately dropping to 9.4 million bpd in 2035. A revised oil strategy will see Russia maximize monetization from crude exports prior to reaching peak production levels between 2027 and 2029, after which experts expect a drop in demand at the global […]