{"id":61696,"date":"2022-01-30T10:53:44","date_gmt":"2022-01-30T15:53:44","guid":{"rendered":"https:\/\/olduvai.ca\/?p=61696"},"modified":"2022-01-30T10:53:44","modified_gmt":"2022-01-30T15:53:44","slug":"russias-oil-output-could-peak-in-2023","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=61696","title":{"rendered":"Russia\u2019s Oil Output Could Peak In 2023"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/Russias-Oil-Output-Could-Peak-In-2023.html?fbclid=IwAR1AnboFhVqkEzEzR_hTF307QWV9utNFsNEfoSNV3txr_l8W6f40rsJoadk\">Russia\u2019s Oil Output Could Peak In 2023<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li aria-level=\"1\">There are growing doubts as to whether Russia can grow petroleum production to the volumes forecast by Moscow.<\/li>\n<li aria-level=\"1\">The world\u2019s third-largest oil producer\u2019s output will continue growing, peaking at 12.2 million barrels per day by mid-2023, according to Rystad Energy.<\/li>\n<li aria-level=\"1\">A combination of extreme climate, rising depletion rates and U.S. sanctions potentially blocking access to investment is weighing on the development of hydrocarbon projects.<\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-01-21_jut2ww9nzq.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2022-01-21_jut2ww9nzq.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-01-21_jut2ww9nzq.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>Russia, the world\u2019s third-largest oil producer, has long been an unknown when it comes to the OPEC+ production agreement which caps the petroleum output of participants to support higher prices. It was\u00a0<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Russias-Unexpected-Advantage-In-The-Oil-Price-War.html\">Moscow\u2019s spat<\/a>\u00a0with Saudi Arabia over production quotas in early 2020 which, combined with the emergence of the COVID-19 pandemic, caused crude\u00a0<a href=\"https:\/\/oilprice.com\/oil-price-charts\/\">oil prices<\/a>\u00a0to plunge into negative territory for the first time ever. The North American benchmark West Texas Intermediate plunged to minus $37.63 per barrel before recovering, while Brent did not enter negative territory the international benchmark, plunged to an intraday low of less than $15 per barrel. During that time Moscow, Riyadh and other OPEC+ signatories were finally able to agree on production quotas. However, Moscow\u2019s economic ambitions remain a threat to the agreement\u2019s firmness, particularly with Washington threatening further sanctions. With OPEC gradually expanding production quotas set out in the agreement confirmed at the 19th ministerial meeting, there is considerable speculation as to how much global petroleum supply will expand and how that will affect crude oil prices. A key point of conjecture is whether Russia can grow its crude oil output as planned and allowed by its OPEC+ quota, with it speculated that the world\u2019s third-largest oil producer is operating at or near capacity.\u00a0For December 2021 Russia, according to the Ministry of Energy,\u00a0<a href=\"https:\/\/minenergo.gov.ru\/en\/activity\/statistic\" target=\"_blank\" rel=\"noopener\">pumped an average<\/a> of 10.903 million barrels of crude oil and gas condensate daily&#8230;<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Russia\u2019s Oil Output Could Peak In 2023 There are growing doubts as to whether Russia can grow petroleum production to the volumes forecast by Moscow. The world\u2019s third-largest oil producer\u2019s output will continue growing, peaking at 12.2 million barrels per day by mid-2023, according to Rystad Energy. A combination of extreme climate, rising depletion rates [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[18472,5332,25704,617,694],"class_list":["post-61696","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-matthew-smith","tag-oilprice-com","tag-opec-2","tag-peak-oil","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61696"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61696\/revisions"}],"predecessor-version":[{"id":61697,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61696\/revisions\/61697"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}