29 Apr 2020 14:44

Russia now plans to produce 480 mln-500 mln t of oil in 2020 given OPEC+ deal compared to 561 mln t in 2019 - Novak

MOSCOW. April 29 (Interfax) - Russia's new plan for production of liquid hydrocarbons - oil and condensate - in 2020, taking into account the OPEC+ deal to cut oil production, is 480 million-500 million tonnes, Energy Minister Alexander Novak said in an interview with Interfax.

"Based on the figures stipulated in the agreement to the end of 2020 and the fact of the first quarter, expected in April, given 100% compliance with obligations the production level could amount to about 480 million-500 million tonnes," Novak said.

"This is with condensate. We're talking about liquid hydrocarbons so as to compare with the total amount for 2019, which was 561.2 million tonnes," Novak said.

Russia produced 35.7 million tonnes of condensate in 2019, according to data from the Central Dispatching Department of the Fuel and Energy Complex seen by Interfax, so production of only oil amounted to 525.5 million tonnes.