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Russian Oil Production to Reach 527m mt in 2023: Novak


Oil production in Russia will reach 527m mt in 2023, down 1.5% due to OPEC+ reductions, Deputy PM Alexander Novak said, reported by Interfax.

  • "Last year, production reached 535 million tonnes, or 2% more. This year we will produce approximately 527 (million tonnes). However, this 8 million tonne reduction, or approximately 1.5%, is due solely to our interactions within OPEC+,” Novak said.
  • "In principle, we have much greater potential: we have free capacity, and we already have Russian technologies," Novak added.

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