Russia’s oil production this year is expected to be 1 percent lower compared to 2020, in view of the OPEC+ agreement, Energy Minister Nikolai Shulginov said on Thursday. Russian oil production will reach 506 million tons by the end of this year, which would be 1 percent down from last year, the minister told reporters on the sidelines of an economic forum in Vladivostok, as carried by Russian news agency TASS. “Oil production is 1% lower than last year. I believe that this trend will continue. By the end of the year, it will be about 506 mln in tonnes. It will all of course depend on supply and demand, and the implementation of the OPEC agreement,” the Russian energy minister said. Russia expects its crude oil plus condensate production to return to pre-pandemic levels by May 2022. In July, Russia saw its oil production rise for the first […]