According to the Federal Customs Service, Russia’s crude oil exports declined by 11% in 2020 to 239 Mt, while oil products exports dipped by 0.8% to 142 Mt (despite a 12% growth in gasoline exports and a 3.3% increase in diesel exports). Natural gas exports dropped by 9.7% to 199 bcm but LNG exports increased by 4.5% to 68 bcm. Finally, the country coal exports reached 199 Mt (-3%). The fall in global oil prices in 2020 contributed to a 41% fall in crude oil export revenues to US$72.4bn and a 32% decrease in oil product export revenues, while gas export revenues fell by 40% (-15% for LNG).
In 2020, Lukoil’s hydrocarbon production was 2,064 kboe/d, which is 12% lower than in 2019. The company produced 77.2 Mt of oil (-10%), including 73.5 Mt in Russia (-10%) and 29 bcm of natural gas (-17%), including 17.6 bcm in Russia (-1.2%). Lukoil’s refinery throughput declined by 15% to 58.6 Mt in 2020, including 40 Mt in Russia (-9.2%).