Russian oil and gas production to shrink

Output will slow as Moscow reroutes EU-bound flows to other markets, the official said Russia projects a decline in its oil and gas output this year compared to 2022, partly due to the announced production cut, Energy Minister Nikolai Shulginov said on Wednesday. In February, Russia announced it would voluntarily reduce oil production in March by 500,000 barrels per day in response to Western sanctions as it halted sales to buyers complying with an imposed price cap. Moscow said the move was designed to restore market relations shattered by the scheme, which it branded “illegal.” Addressing the Russian Parliament,

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Last updated : 16 March 2023 clock 08:00 PM

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