Russian Government Cuts Oil, Gas, Coal Production Forecast For 2021, 2022

MOSCOW (UrduPoint News / Sputnik - 06th April, 2021) The Russian government slashed forecast for oil, gas and coal production for this and next year, according to the decree on amendments to the Russian state program for energy development, which is published on the official legal information portal.

Production of oil, including gas condensate, in Russian in 2021 is projected to reach 517 million tonnes, down from from 560 million tonnes in the previous forecast. The forecast for production of natural and associated gas this yeat is cut to 698.3 billion cubic meters from 750.1 billion cubic meters previously.

The forecast for oil production in Russia in 2022 was reduced to 548 million tonnes from 558 million tonnes, for gas production to 743.1 billion cubic meters from 758.1 billion cubic meters.

The forecast for gas production in 2023 and 2024 remained unchanged at 773.

1 and 795.1 billion cubic meters, respectively. The forecast for oil production for 2023 was also kept unchanged at 556 million tonnes, and for 2024 it was slightly increased to 556 million tonnes from 555 million tonnes.

The government also lowered the forecast for coal production in Russia in 2021-2024, and expects it to reach 390.7 million tonnes this year down from 455 million tonnes previously.

In 2022, a further decrease in coal production to 389.5 million tonnes is expected against the previously expected growth to 465 million tonnes. In 2023, the country is expected to produce 389.5 million tonnes of coal, down from 475 million tonnes in the previous projection. In 2024, coal production in Russia will return to growth and is expected to reach 420 million tonnes, the previous target for this year was 490 million tonnes.