Russian Deputy Prime Minister: Russian oil production forecast ranges between 515 and 521 million tons in 2024
Russia’s oil production in 2024 is expected to be between 515 and 521 million tons, according to Deputy Prime Minister Alexander Novak as saying on Friday, as part of Russia’s efforts to keep its oil output stable amid global challenges.
In a related context, Novak stated that Russia’s LNG exports are expected to reach 31 million tons in 2024.
This expectation is attributed to the major projects that Russia is working on to enhance its capabilities in this sector.
According to the Russian Kommersant newspaper data from the Energy Ministry showed that Russia’s natural gas production saw a significant increase in the period from January to August, rising by 9.3% year-on-year to 463.77 billion cubic meters.
Natural gas production in August also grew by 9.6%, reaching 54.4 billion cubic meters.
Gazprom and Novatek were the leaders in this growth, as they started shipments from the Arctic LNG-2 project, which significantly contributed to the increase in gas production.
Kommersant reported that the first line of the Arctic LNG-2 project produced 347 million cubic meters of gas in August, reflecting the project’s early success in achieving production targets.
Russia is set to increase its oil and natural gas production in 2024, amid ongoing challenges in the global market.
These forecasts reflect the Russian government’s commitment to strengthening its position as a major energy exporter in the world.
