oil production in the Russian Federation by the end of 2023 will amount to 527 million tons – Kommersant

Russian Energy Minister Nikolai Shulginov said that, according to the department’s forecast, the level of oil production in the country this year is expected to be 527 million tons versus 535 million tons a year earlier. According to the minister, the projected level of gas production is 642 billion cubic meters. m versus 672 billion cubic meters. m in 2022.

“Since the beginning of this year, the expected indicators have changed more than once. However, for oil we expect a figure of 527 million tons compared to 535 million tons last year. For gas – 642 billion cubic meters. m versus 672 billion cubic meters. m, that is, 30 billion less than in 2022. This is the latest forecast,” said Mr. Shulginov in an interview “Izvestia”.

According to the head of the Ministry of Energy, Russia is “quite satisfied” with this level of energy resource production, since it coordinates its actions in the oil and gas market with other countries.

In September 2023, Russia managed to increase seaborne oil exports, which reached 3.34 million barrels per day – this is more than in July and August, but less than in June. According to the parameters of the voluntary reduction in exports, Russian supplies in September, under an agreement with Saudi Arabia, could increase to 3.4 million bpd and remain at this level until the end of the year. However, uncertainty regarding protracted repairs at refineries may prompt the Russian Federation to increase exports even more, otherwise oil companies will have to reduce production.

Read more in the article “Kommersant” “Barrels are counting in the fall”.

Alexander Kislov