MOSCOW, December 25. /TASS/. Russia will be capable to produce at least 490-500 mln metric tons of oil in conditions of the EU embargo on Russian oil imports that's been in place since December 5 and the upcoming embargo on oil products that will take effect on February 5, Deputy Prime Minister Alexander Novak told TASS in an interview.

"I do not rule out risks of production decline in certain periods in 2023. We will probably reduce it by 7-8% at the peak. Nevertheless, we will produce at least 490-500 mln metric tons over the year. Still, I reiterate much will depend on logistics," the official noted.

Oil and petroleum products from Russia will enjoy the demand in 2023, Novak said.

"We see so far there will be plenty of uncertainties related to operations on foreign markets in 2023. Nevertheless, it is obvious that our product enjoys the demand on the international market," he added.

The embargo on Russian oil supplies to the EU became effective from December 5, although it does not cover oil delivered via the Druzhba oil pipeline to Hungary, Slovakia and the Czech Republic so far. The ban on petroleum products import from Russia will be in effect from February 5, 2023.