Russia Reduced Oil Production By 1% in 2023
This is due to the country’s participation in the OPEC+ agreement, noted Deputy Prime Minister Alexander Novak.
In 2023, Russia reduced oil and gas condensate production by within 1%, to about 530 million tons. This happened due to the restrictions of the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak wrote in an article for the Energy Policy magazine.
“According to operational data, in 2023 there was a slight decrease – less than 1% – in oil and gas condensate production (about 530 million tons), which is due to our country’s participation in the OPEC+ agreement,” he noted.
According to him, coordinating the efforts of oil-producing countries within the framework of the deal helps to stabilize the relationship between supply and demand and create a fair price for oil.
According to Novak, the past year showed a high degree of stress resistance of the Russian energy complex.
“The domestic fuel and energy complex adequately coped with the challenges and continued to reliably ensure the country’s energy security and obligations to foreign partners,” the Deputy Prime Minister emphasized.
