Oil and LNG exports surged 15% last year, according to Deputy PM Novak
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Russian energy exports grew last year despite Western sanctions, adding billions in revenue to its budget, Deputy Prime Minister Aleksandr Novak said at a government meeting on Monday.
According to the official, Russian oil exports in 2023 were up 7%, while liquefied natural gas (LNG) sales rose 8%. Oil production grew 2% against 2021 volumes, totaling 535 million tons.
“As for the oil industry, we have a positive result for last year, despite the actions of ‘unfriendly’ countries and sanctions restrictions,” Novak noted.
Overall, Russia’s revenue from energy exports in 2022 increased by roughly 28%, or 2.5 trillion rubles ($36.6 billion), from 2021.
“Despite all the difficulties, the fuel and energy sector demonstrated stable operation last year, resisting external challenges [and] ensuring energy security of our country and the realization of export potential, including for the formation of a significant part of the Russian budget,” Novak stated.
Exports of pipeline gas, however, dropped by nearly a third in 2022 due to Western sanctions and to the September sabotage the Nord Stream 1 pipeline, which became inoperable after being blown up.