OREANDA-NEWS  Oil production in Russia by the end of 2023 may amount to about 523 million tons or slightly less, which is about 2% lower than last year's level, said the head of the Ministry of Energy Nikolai Shulginov.

Earlier, it was predicted that the Russian Federation would produce 527 million tons of oil by the end of 2023, compared with 535 million tons in 2022.

At the same time, Deputy Prime Minister Alexander Novak stated that the Russian Federation has the potential for annual oil production much higher than expected, and the reduction is due to agreements within OPEC+.