OREANDA-NEWS In 2024, the planned volumes of oil and condensate production in Russia are estimated at 523 million tons. This was stated by the head of the Ministry of Energy (Ministry of Energy) of the Russian Federation Nikolai Shulginov, his words are quoted by TASS.

If the plans of the Ministry of Energy are implemented, the volume of oil production in the country will be reduced by about 7 million tons. As for gas production, on the contrary, it may increase by 30.3 billion cubic meters. According to the assessment of Deputy Prime Minister Alexander Novak, by the end of 2023, the figure amounted to 636.7 billion.

In turn, the International Energy Agency (IEA) predicted an increase in gas production in Russia to the level of 664 billion by the end of December 2024.

Earlier, Deputy Prime Minister Alexander Novak said that the figure for 2023 amounted to about 530 million tons and decreased by one percent compared to the level of 2022.

Thus, in 2024, the volume of oil production in Russia may fall for the second year in a row. Novak attributed the decrease in the indicator last year to the country's obligations under the OPEC+ commodity deal, which implies a voluntary reduction in production in the participating countries, taking into account the quotas set for them.