Russia Oil & Gas Q4 2020
Oil output will fall through 2020 as Russia looks to comply with OPEC+ led production cuts. We expect a 9.5% drop incrude output. Lower prices will dent Russia's ambitious arctic exploration push, with companies likely to retrench spending despitetax breaks and fiscal changes instigated this year. Gas production will also dip in 2020 as a result of lower demand domestically andin Europe but is expected to rise over the coming years as Russia increases its links to Chinese and global LNG markets andcontinues to fill the deficit in Europe left from declining indigenous production.
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