"The total production that we predict is 515 million tons. Compared to last year, we had 535 million, that is, minus 20 million tons,” Deputy Prime Minister of the Russian Federation Alexander Novak told reporters on the sidelines of a meeting of the Board of Trustees of the Moscow Energy Institute.. Thus, oil and condensate production in Russia this year may drop 3.7%, he noted.
Novak didn’t specify whether there is currently a decline in condensate production due to a drop in natural gas production. "We take taxes in the same way, from this point of view there is no difference,” the deputy prime minister added.
As Novak reported at the beginning of the year, oil and condensate production in Russia in 2022 increased by 2% and amounted to 535 million tons, oil exports increased by 7.6% and reached 242 million tons.
The dynamics of oil production in the Russian Federation is affected by the reconfiguration of supplies in connection with the oil sanctions of Western countries. The restrictions came into effect on December 5, 2022. The European Union has stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU have introduced a price limit for it during sea transportation at the level of $60 per barrel. It is forbidden to transport and insure more expensive oil.
Russia, in response, banned from February 1 to supply oil to foreigners, if the contracts directly or indirectly provide for the use of the mechanism of fixing the marginal price. Also, the Russian Federation from March to the end of 2023 voluntarily reduces production by 500,000 barrels per day.
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