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Russian oil companies fulfil their obligations to reduce production — Novak

According to the minister, Russia's oil and gas revenues by the end of 2023 will amount to about $89.12 bln

MOSCOW, December 27. /TASS/. Russian oil companies are fulfilling their obligations to reduce oil production within the framework of OPEC+, quotas are distributed in proportion to total production, Russian Deputy Prime Minister Alexander Novak said in an interview with Rossiya-24 TV channel.

"Our companies fulfill their obligations voluntarily, since this is in the nature of voluntary participation. Quotas are distributed in proportion to the total production volumes in the country. Having assumed obligations, we fulfill them in order to ensure the stable operation of the oil industry and strategic development taking into account the investments that need to be attracted to the industry," he said.

According to Novak, Russia's oil and gas revenues by the end of 2023 will amount to about 9 trillion rubles ($89.12 bln). "The fuel and energy complex has worked stably and provided stable revenues to the budget of our country - oil and gas revenues, according to the Ministry of Finance, this year will amount to about 9 trillion rubles and this is approximately the level of 2021," he said.

Meanwhile, the price of Brent oil next year may fluctuate in the range of $80-85 per barrel, he added. "We see that prices have been more or less stable over the course of this year. Today they are around $80 per barrel of Brent. According to analysts’ estimates, we think that the range of fluctuations in Brent prices next year could be around $80-85 per barrel," he said.

He also noted that Russian oil companies are fulfilling their obligations to reduce oil production within the framework of OPEC+, quotas are distributed in proportion to total production. "Our companies fulfill their obligations voluntarily, since this is in the nature of voluntary participation. Quotas are distributed in proportion to the total production volumes in the country. Having assumed obligations, we fulfill them in order to ensure the stable operation of the oil industry and strategic development taking into account the investments that need to be attracted to the industry," he said.

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Alexander Novak

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