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“Oil extraction by the oil and gas industry will decline, as expected, by about 10 % to 507 million tonnes compared to the planned level of 558-560 million tonnes,” Novak told the lower house of parliament, the State Duma.
“Over 2021-2023, depending on the situation with a resumption of demand, planned extraction will be from 518 to 560 million tonnes. This will be influenced by implementation of the deal between OPEC producers and non-OPEC producers. That agreement was concluded in April 2020 and remains in effect until May 2022. We do, however, have open to us the chance to adjust the parameters of the deal depending on the situation on world markets.”
Novak put this year’s export figure at 225 million tonnes – a dip of 16.4 % compared to 2019 figures.
“Our plans for 2021-2023 call for achieving the planned pre-pandemic level of 231-266 million tonnes,” he told deputies.
Gas extraction in 2020 will also decline by 6.5 % to 690 billion cubic metres. But that figure could climb back to 728-795 billion cubic metres (bcm) through 2021-2023.
“Gas exports for this year could slip by about 16.5 % to 184.5 bcm,” Novak told the chamber. “We expect the market in 2021 to rebound to 2019 levels of 220-240 bcm.”