Novak: Russia’s oil output may fall to 527 mln tns in 2023

TYUMEN, Sep 20 (PRIME) -- Russia’s production of oil may contract to 527 million tonnes in 2023 from 535 million tonnes a year earlier, Deputy Prime Minister Alexander Novak said on Wednesday during the Tyumen industrial and energy forum.

“Last year, Russia produced 535 million tonnes of oil in spite of the sanctions, which is a 2% increase as compared with 2021. This year, we expect a slight contraction because of our cooperation with the OPEC+ among other things, we expect it to reach 527 million tonnes,” he said.

He also said that Russia’s output of natural gas had reached 410 billion cubic meters since the beginning of the year as of Wednesday. In 2023, the country should produce 642 billion cubic meters of gas, he said.

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