Russia plans to reduce oil output in 2023
Russia intends to slightly reduce its oil production this year due to unscheduled refinery maintenance, with expectations that the decline will be temporary as operations resume and the situation stabilizes. According to Deputy Prime Minister Alexander Novak, the production cut is partly a result of maintenance work, but it will not significantly impact the market, even though the OPEC+ group, representing around 40% of global production, continues to play an important role. President Vladimir Putin also indicated that Russia will soon restore its disrupted refining capacities caused by Ukrainian attacks, with an expected recovery of 10% of the lost capacities.
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