ST. PETERSBURG: Russia plans to produce 515 million tons of oil this year, Russian Energy Minister Nikolay Shulginov said in an interview...
ST. PETERSBURG: Russia plans to produce 515 million tons of oil this year, Russian Energy Minister Nikolay Shulginov said in an interview with TASS on the eve of the Russia-Africa summit.
"Oil production, as we believe, will be about 515 million tons, but the final figure will depend on further decisions within OPEC+," he said.
At the end of 2022, oil production in Russia amounted to 535 million tons, which is 2% up year-on-year. In March, Russia began a voluntary reduction in oil production by 500,000 barrels per day from the February average output. The validity period of this reduction was extended several times - first until June inclusive, then until the end of 2023. After the OPEC+ meeting, which took place on June 4 in Vienna, the decision to voluntarily reduce production was extended until the end of 2024. Russia also decided to voluntarily cut oil supplies to markets by 500,000 barrels per day in August by cutting exports.
The second Russia-Africa summit, as well as an economic and humanitarian forum organized by the Roscongress Foundation, are scheduled to be held in St. Petersburg from July 27 through 28. Like the first summit, the event will be held under the motto "For Peace, Security, and Development." TASS is the event’s official photo hosting agency and information partner, as well as the host of the second Russia-Africa media forum.
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