Russia’s oil exports decreased by 3.3% in 2023 compared to the previous year, while natural gas exports through pipelines saw a decline of 29.9%, according to Russia’s Deputy Prime Minister Alexander Novak on Tuesday.
Novak’s remarks came during a presentation at the Russian Federation Council meeting held in the capital, Moscow.
He said Russia’s oil production decreased by 0.8% in 2023 compared to the previous year, dropping to 530.6 million tons, while oil exports also fell by 3.3% to 234.4 million tons.
During the same period, Russia’s natural gas exports through pipelines decreased by 29.9% to 99.6 billion cubic meters, while liquefied natural gas (LNG) exports fell by 1.9% to 45.4 billion cubic meters.
The country’s natural gas production decreased by 5.5% to 636.9 billion cubic meters, although the supply of natural gas to the domestic market increased by 2.8% to 500 billion cubic meters.
Coal production contracted by 1.1% to 438 million tons, and coal exports also fell by 3.9% to 212.5 million tons.
As sanctions significantly reduced Russia’s energy exports to Europe, one of its main markets, the country aims to compensate for this loss by increasing its exports to Asian markets.
Having increased its oil exports to China and India last year, Russia aims to regain its share in the global market through investments in LNG and new gas pipelines for natural gas as well.
