Report: Russia’s output of oil, condensate to fall by 20 mln tns in 2023
ST. PETERSBURG, Jun 16 (PRIME) -- Russia’s production of oil and condensate will contract by about 20 million tonnes on the year in 2023, Energy Minister Nikolai Shulginov said in an interview to the Izvestia daily on Friday during the St. Petersburg International Economic Forum.
“Contraction of oil and condensate output may amount to about 20 million tonnes as compared with the previous year,” he said.
Russia’s production of natural gas is also lower by about 8–10% now as compared with the government’s social and economic development forecast, meaning it will be revised, he said.
The ministry also sees risks that changes to the fuel damper mechanism will trigger growth of the wholesale prices for fuel and reduce investment.
“The government is still discussing it right now. The document has not left the government for a final submission to the State Duma, this is why the deadline will change,” he said.
“The deadline was initially July 1, but now it will most likely happen on September 1. We understand that there are risks of underfinancing in the sector and of a growth of the wholesale prices, pressure on the retail prices. But our goal is to create all the conditions for the retail prices to grow slower than inflation.”
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