Russneft will reduce its oil production in 2023 by 5.3% to 6.4 million tons due to the production reduction decisions made by OPEC+, Russneft CEO Evgeny Tolochek told reporters on the sidelines of the Industrial and Energy Forum TNF.
Tolochek also expressed his view that the current oil price is favorable for oil producers. He mentioned that the cost of Russian Urals crude oil is currently around $72 per barrel.
In 2022, Russneft increased its oil production by 3.4% compared to 2021, reaching a total of 6.91 million tons.
The TNF Industrial and Energy Forum (formerly known as the Tyumen Oil and Gas Forum) serves as the primary industry platform in Russia, bringing together suppliers and customers to collaborate on solutions within the energy sector. The forum is scheduled from September 18 to 21 in Tyumen and anticipates participation from over 10,000 guests. The event encompasses more than 80 activities, involving 700 representatives from oil and gas companies, with 68 participating companies in the exhibition. TASS serves as the forum's general information partner.
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Based on materials from TASS