Production of oil with condensate in Russia in 2023 to be 20 mln tonnes lower YoY - Shulginov

MOSCOW. June 16 (Interfax) - Russia will significantly reduce oil production in 2023 following the decision on voluntary output cutbacks.

"The following factors come into play in terms of production - not only sanctions, more because of the voluntary reduction that Russia has decided to pursue - 500,000 bpd. So that has more of an effect. The decline in production with condensate will probably be about 20 million tonnes compared with last year," Energy Minister Nikolai Shulginov said in an interview with the Izvestia TV channel.

"Gas production is declining, and this year we are proceeding from forecasts envisaged by the forecast of socio-economic development of Russia. Today we see that production is 8-10% lower than the forecast figures. The forecast will be revised in September, and we will reflect that there," he said.

"As for LNG output, we are proceeding roughly from the figures in the forecast, an increase of 1-2 million tonnes, roughly to 32 million tonnes, compared with 30 million tonnes," Shulginov said.