Russia’s Oil Output expected to decline to 527 million tons this year

Oil Stocks
Oil Stocks

Russian oil production is expected to fall to 527 million tons in 2023, marking a 1.5 percent year-on-year decrease, Russian Deputy Prime Minister Alexander Novak said Tuesday.

At a meeting of the Russian Federation Council’s committee on economic policy, Novak said that oil production is projected to reach 527 million tons by the end of the year, down from 535 million tons last year.

“For coal, it will approximately be 440 million tons, and last year (coal production) was almost at the same level, 442 million tons,” he said.

Novak noted that gas production would decline by 30 billion cubic meters by the end of the year due to a sharp drop in Russian gas exports to Europe.

At the same time, Novak said that LNG production will amount to 33 million tons in 2023, and further rise in 2024 following the launch of the first production line of the Arctic LNG-2 project.

Electricity production is projected to increase by 0.8 percent in 2023, reaching 1.15 trillion kWh, he added.

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