Provisional figures indicate that Russia smashed its post-Soviet record oil production in 2019, averaging 11.20mn b/d. This 80,000 b/d annual rise put Russia just above its 11.19mn b/d ceiling under the Opec+ output deal. So much for Russian cuts.

Energy Minister Alexander Novak stated on 26 December that Russian output in 2020 is set to total between 555mn and 565mn tons. This implies average production of 11.07-11.27mn b/d. Clearly this is a wide window, but it highlights that Russia is looking at a potential fourth record-breaking year in succession. (CONTINUED - 557 WORDS)