Page 104 - RusRPTOct21

into place on September 6. The operating company remains vague on the timing for the commencement of gas flow but said it would startefore the end of the year. The required pre-commissioning procedures will need toe carried out to put the pipeline into operation. The $11illion 2 projects is expected to double the capacity of the existing Nord Stream pipeline across thealtic Sea and allow Russia toypass Ukraine when piping gas to Europe.
OPEC+ countries have decided to adhere to the previously agreed schedule for raising production (by 400kbbl/d per month until May 2022), Kommersant reports.
In addition, those OPEC+ countries that have not complied with the production quotas (Nigeria, Iraq) will be able to compensate for this by reducing production until December (the previous deadline was September), writes Interfax.
The decision to raise OPEC+ production 0.4mmbbl/d coincides with the previous discussions. For Russia, this means production increases of 100kbbl/d per month, given that the country’s share in the overall production cuts is 25%. This might result in a liquids output increase of 2.0% y/y to 10.5mmbbl/d, on average, in 2021 (522mnt), we calculate. If Russia’s crude oil production continues to grow 100kbbl/d until May 2022, the country’s overall liquids output might reach 572mnt in 2022 (+9.6% y/y).
104 RUSSIA Country Report October 2021 www.intellinews.com