ST. PETERSBURG, June 16. /TASS/. Russia will reduce oil output by 20 mln tons in 2023 compared with 2022, Energy Minister Nikolay Shulginov said in an interview with Izvestiya on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"Oil output with condensate with go down by probably around 20 mln tons compared with last year," he said.

Earlier, Russia decided to voluntarily reduce crude output by 500,000 barrels per day starting March. Later the policy was extended until the end of December 2024.

In 2022, Russia’s oil production amounted to 535 mln tons, up by 2% compared with the previous year. Export rose by 7%.

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. 'Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations' is theme of this year’s forum. TASS is the official information partner of the event.