Russia’s daily average crude and condensate output rose by 2.4% on year to 10.52 million b/d in 2021, as OPEC+ increased quotas in line with recovering demand as pandemic lockdown measures eased globally.
OPEC+ crude quotas were the key driver of Russian production volumes in 2021. Analysts see quotas continuing to be the most influential factor affecting output in 2022. They forecast spare capacity and drilling programs, releases of strategic petroleum reserves, the coronavirus pandemic’s impact on demand, and potential new western sanctions on Russian energy producers as other factors likely to affect production. OPEC+ is next due to meet to discuss market conditions and output quotas on Jan. 4. In 2021, […]