Russia’s Annual Oil Production Drops For The First Time Since 2008

Due to the OPEC+ production cut deal and the decreased demand in the pandemic, Russia’s crude oil and condensate production fell in 2020 for the first time since the 2008 financial crisis and then slump in oil prices, according to government statistics.   Russia’s annualized oil production declined by 8.6 percent to 10.27 million barrels per day (bpd) in 2020, down from a record-high in 2019, data from the energy ministry cited by Russian news agency Interfax showed. According to Reuters estimates, the 2020 oil production dropped…