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Russian annual oil output declined to its lowest level since 2011

5.1.2021 Print

Oil production in Russia declined last year to its lowest level since 2011 following an agreement among the OPEC+ group to cut output and the limited demand caused by the coronavirus pandemic. Russia agreed to reduce its oil production in April along with other leading oil producers and the Organization of the Petroleum Exporting Countries (OPEC). The move was designed to bolster the oil market beset by the fallout from the COVID-19 pandemic.

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