Russian annual oil output recovers in 2021 after slump

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Russian annual oil output recovers in 2021 after slump
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Russia's annual oil production rose by more than 2% last year thanks to the easing of output cuts by the OPEC+ group of leading oil producers after a pandemic-induced decline in 2020, data showed on Sunday.

Russian oil and gas condensate output rose to 10.52 million barrels per day last year, according to energy ministry data cited by the Interfax news agency and Reuters calculations, from 10.27 million bpd in 2020.

In April 2020, Russia agreed to reduce its oil production by more than 2 million bpd, an unprecedented voluntary cut, along with other leading oil producers and the Organization of the Petroleum Exporting Countries .

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