* This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. (Adds quote) MOSCOW, March 15 (Reuters) - Russian oil and gas production is expected to decline in 2023, Energy Minister Nikolai Shulginov said on Wednesday, as Moscow comes under pressure from Western restrictions and a lack of European buyers. Russia has drastically reduced its energy exports since sending troops into Ukraine just over a year ago, in part due to Western sanctions and a Western price cap on Russian oil. While it has managed to divert some of its oil to major buyers such as India and China, Moscow said in February it would cut output by 500,000 barrels per day in response to the price cap. "In 2023 for oil, we expect the level to be slightly lower, partly due to the voluntary production cut," Shulginov said in a speech to parliament, the State Duma, according to the TASS news agency. "The level of gas production will continue to decrease, both due to the withdrawal of the European market and the reorientation of energy flows." (Writing by Caleb Davis; editing by Guy Faulconbridge and Kevin Liffey)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.