Oil production in Russia collapsed in February 2021 due to abnormal cold weather and was below the level agreed within OPEC + for this month. Bloomberg reports this with reference to its own calculations.
From February 1 to February 25, 2021, the average level of oil production in Russia ranged from 9.153 million barrels to 10.093 million barrels per day. This is 30 thousand or 77 thousand barrels less compared to January.
At the same time, according to the agreements within OPEC + from the beginning of January, Russia and Kazakhstan are the only parties to the deal that in February-March can increase production: Russia – by 65 thousand barrels per day, Kazakhstan – by 10 thousand. For this, Saudi Arabia had to cut production by the same 75 thousand barrels.
In 2020, oil and gas production in Russia fell by 8.6 and 6.2 percent, respectively. Oil and gas condensate production for 12 months amounted to 512 million tons. Gas production amounted to 692.33 billion cubic meters. Oil exports to non-CIS countries fell by 11.8 percent in 2020.