Page 103 - Russia OUTLOOK 2024

moderate widening in November may indicate that recent G7 price cap enforcement efforts have had an effect.
Investment in oil sector
The Russian Energy Ministry expects that investments in the national fuel and energy sector will stay flat in annual terms and amount to RUB7.1 trillion ($80.4bn) in 2023, according to the presentation of First Deputy Minister Pavel Sorokin.
The share of the fuel and energy sector as part of the national GDP will drop by 2 percentage points (pp) to 16% and by 7 pp to 51% in exports in the next year, according to the ministry.
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The sector will bring RUB8.6 trillion ($97.4bn) to the Russian budget, compared with RUB11.6 trillion ($131.4bn) in 2022. Russia will continue ranking second by oil and gas production volume, third by coal exports and fourth by LNG supplies in 2023.
In addition, Russia intends to invest over $11bn in upgrading its refineries by 2028, according to Deputy Prime Minister Alexander Novak. The production of gasoline and diesel will rise by 4mn tpy and by 30mn tpy respectively.
• 7.2 Gas production & transport Gas production results
Russia’s total gas production is expected to fall to 642 bcm in 2023 from 673.8 bcm in 2022, according to Deputy Prime Minister Alexander Novak.
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