ALBAWABA - Russia's oil production is expected to exceed 480 million tons, or 9.6 million barrels per day, this year.
The move comes despite Russia's commitment to reduce production by 500,000 barrels per day to 9.5 million barrels until the end of 2023. The increased production is expected to include about 40 million tons of gas condensate.
In 2022, Russia's oil and gas condensate production rose to 535 million tons, and analysts expect production to reach about 520 million tons this year, exceeding official expectations.
The lack of official data from Russia makes it difficult to monitor global supply and analyze market conditions.
