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Russian Oil Output To Decline 20mn Tons YoY In 2023

OIL

Russian crude oil and condensate output is expected to decline by 20mn tons year on year in 2023, Energy Minister Nikolai Shulginov said, reported by Tass.

  • Russia’s oil production stood at 535.2mn tons in 2022.
  • Shulginov said crude oil prices could reach $80/bbl this year.
  • Russia’s domestic fuel market will stabilise once refineries have completed their maintenance season in June, he added.
  • Russian oil products exports have started to recover in June according to Vortexa data. Diesel exports in the first 10 days of June rose to around 1mbpd, up by 12% from May.
  • Shulginov also said proposed changes to Russia’s downstream-industry subsidy create a risk of insufficient financing for refiners and rising wholesale fuel prices.

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