21:26 GMT29 January 2020
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    The country has managed to increase its oil production despite recent cuts adopted in a deal with the Organisation of the Petroleum Exporting Countries (OPEC).

    According to Bloomberg, in 2019, Russia extracted 560.2 million tonnes of crude oil, which equals 11.25 million barrels daily. These numbers are the highest since the fall of the Soviet Union and are closing in on Russia's oil production in 1987 when the country extracted 11.416 million barrels per day.

    Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016
    © REUTERS / Sergei Karpukhin
    Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016

    According to the Russian Energy Ministry, in 2020 the country will produce 555-565 million tonnes.

    This winter has witnessed another surge in prices, with Brent crude oil rising over $69 per barrel.

    OPEC and other oil-producing nations led by Moscow announced in December that they would deepen their joint output cuts of 1.2 million barrels per day to as much as 2.1 million barrels per day, or 2.1 percent of world supply, in the first quarter of 2020.

    Tags:
    oil production, oil output cuts, oil output, Oil, Russia
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