MOSCOW, December 29. /TASS/. Russia’s crude oil production may total around 523 mln tons in 2023 or slightly lower, which is about 2% lower than last year’s level, Energy Minister Nikolay Shulginov said.

"[Oil production is] expected at 523 mln tons, probably slightly lower," he told reporters.

Previously, it was projected that Russia’s crude output will total 527 mln tons in 2023 compared with 535 mln tons in 2022.

Meanwhile Russian Deputy Prime Minister Alexander Novak said earlier that the country’s potential of annual oil production is much higher than expectations, adding that the reduction is related to OPEC+ agreements.