Russian oil majors, apart from Rosneft ROSN.MM, raised their oil production last year, Kommersant daily reported on Tuesday citing sources familiar with the data.

It also said that overall Russian oil output rose by 2% to 535 million tonnes (10.7 million barrels per day), the same amount projected by the Deputy Prime Minister Alexander Novak in December.

According to the newspaper, Rosneft produced 178.5 million tonnes of oil last year, down 2% from 2021. The company has been selling so-called “tail” assets, which are expensive to operate and have a low rate of return on invested capital.

Novak has also said Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps on its crude and refined products and halts sales to countries that support them.
Source: Reuters (Reporting by Vladimir Soldatkin; Editing by Kirsten Donovan)