Russia recently presented its forecasts for what awaits natural gas and oil production

Russia recently presented its forecasts for what awaits natural gas and oil production

According to the base scenario compiled by the ministry’s experts, oil exports will reach 228.3 million tons this year, up from 231 million tons last year. In 2023, oil exports will continue to decline to 224.8 million tons, then to 208.1 million tons in 2024 and 229.5 million tons in 2025.

The Ministry of Economic Development mainly expects condensed oil production to reach 475.3 million tons this year, down 9.3 percent from 524 million tons last year. Production is expected to decrease to 472.8 million tons next year, but will rise to 476.1 million tons in 2024 and 480.5 million tons in 2025, but it will still be much lower than last year’s level.

According to the ministry, gas production will not reach last year’s level in the coming years either.

Last year, 763.5 billion cubic meters of natural gas were produced in Russia. Production is expected to reach 720.9 billion cubic meters this year, 720 billion cubic meters next year, 730 billion cubic meters in 2024, and 735 billion cubic meters in 2025.

According to the portfolio, natural gas exports will decrease from 205.6 billion cubic meters last year to 185 billion cubic meters this year and will be only 155.3 billion cubic meters in 2025.

Cover image source: Getty Images

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