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21 April 2024

Russia's oil output to reach 490-500 mln t in 2023

By Reuters

 Russia will be able to produce at least 490-500 million tonnes of oil in 2023, Russian Deputy Prime Minister Alexander Novak told state TASS news agency.

According to Novak, Russia will produce such volumes of oil even under the new EU oil embargo imposed on December 5, and after a similar measure on oil products starts working on February 5.

"I do not rule out that in 2023 there will be downside risks to production in certain periods. It is possible that maximum reduction will reach 7-8%. However, for the year as a whole, we will produce at least 490-500 million tonnes. But again, a lot will depend on logistics," Novak said.