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Investment in Oil Sector Grows 22.7% Compared to 2020

RUSSIA
  • Investment in Russia's oil sector totalled RUB 2.7trln in 2023, 22.7% more than in 2020, Energy Ministry figures cited by Vedomosti show. Oil production rose 3.5%, with output at new fields growing by 33.7%. The capacity of infrastructure for oil exports quadrupled to 355 million tonnes per year, while crude exports to the Asia-Pacific region more than doubled from 2020 to 193 million tonnes in 2023. Russian oil companies are expected to increase investment further in 2024, the newspaper write.
  • Russia's electricity exports fell 21% to 10.7 billion kWh in 2023, Kommersant report, primarily due to the complete halt of exports to the European Union, with the main export market now Asia.
  • President Vladimir Putin and Belarusian President Alexander Lukashenko will take part in a meeting of the Supreme State Council of the Union State. There are no data releases scheduled for today.

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