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Russian Oil Output Forecasted at 527m mt in 2023

OIL

Oil production in Russia in 2023 may fall 1.3 % to compared to the 2022 levels to 527m mt, according to the Economic Development Ministry.

  • According to the Ministry’s baseline scenario, production in 2024 will be down 0.76% on 2023 to 523m mt.
  • Production is forecasted to reach 530m mt in 2025 and 540m mt in 2026.
  • Under the more conservative scenario, production would be 527m mt this year, 487m mt in 2024, 497m mt in 2025 and 508m mt in 2026.

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