Russian Deputy Prime Minister Alexander Novak warned on Thursday that the situation in the energy market in Europe could worsen in 2023 as Russia supplies it with around 4 million barrels per day (bpd) of oil and it must "think about where it can find those volumes." On the other hand, he said Russia can redirect its European exports to Asia and other regions, predicting its competitive prices will give it an advantage.
The former Russian energy minister said his government will "ensure energy security under any circumstances," noting that the extraction and exports of Russian fuels are now stable. He stated oil production increased by 200,000 to 300,000 bpd in May and expected further output recovery in June.
