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Russia’s crude production currently stands at January 2023 level, says Novak

Deputy PM said earlier that Russia produced around 9.8-9.9 mln barrels of oil per day in January 2023, adding that a reduction by 500,000 barrels per day of production was planned in March

MOSCOW, February 21. /TASS/. Russia’s crude oil production currently remains at the level of January 2023, Deputy Prime Minister Alexander Novak told reporters.

"It is early to speak [about production levels in February], we are in the middle of the month, though overall the oil and gas complex operates as usual. Oil production is underway at the level of previous months [December 2022 and January 2023]," he said. "We have January-December figures roughly at the same level," Novak added.

Deputy PM said earlier that Russia produced around 9.8-9.9 mln barrels of oil per day in January 2023, adding that a reduction by 500,000 barrels per day of production was planned in March.

On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force. G7 nations, the EU and Australia agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. Moreover, starting February 5, 2023, similar restrictions on deliveries of petroleum products from Russia were enforced as the EU Council officially greenlighted the decision, in conjunction with the G7, to introduce a price ceiling on Russian petroleum products supplied by sea at $100 for premium oil and at $45 for discount.

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Alexander Novak

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