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Russia lowers its energy production forecasts for 2021-2022

8 Apr 2021

The Russian government has lowered its forecast for oil production from 560 Mt to 517 Mt (-8% on previous forecast) in 2021 and to 548 Mt in 2022 (-2%); forecasts for 2023 and 2024 have not changed. In addition, the country should produce 391 Mt of coal in 2021 (-14% compared to a previous forecast), 390 Mt in 2022 and 2023 (-16% and -18%, respectively, on previous forecasts), and 420 Mt in 2024 (-14%). Where gas production is concerned, Russia is now expected to produce 698 bcm of gas in 2021 (-6.9%), 743 bcm in 2022 (-2%), 773 bcm in 2023 and 795 bcm in 2024 (unchanged); LNG production is still expected to average 30.1 Mt in 2021.

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