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Russian Energy Ministry Forecasts Weaker Oil and Gas Production 2023

OIL

The Russian Energy Ministry is forecasting a decrease in oil and gas production in the country in 2023 according to State Duma reports.

  • "For 2023, we expect that the level of oil produced will be slightly lower, which is partly due to the voluntary reduction in oil production. The level of gas production will continue to decline both due to the refusal of the European Market to take it, and the timing for the reorientation of energy flows to the East," Energy Minister Nikolai Shulginov said.
  • "For 2023 ... the level of gas production will continue to decline both due to the refusal of the European market to take it and the reorientation of energy flows," he said.
  • "As for coal, we forecast retaining the current level, which in 2022 revisited the high pre-pandemic rate of 2019," Shulginov said.
Energy BulletsCommodities
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