Russia to increase oil production to 3.8 bln barrels per year

Russia's annual oil production will increase in the medium term to 540 million tons per year, or 3.8 billion barrels per year, or 10.35 million barrels per day, Russia's Deputy Prime Minister Alexander Novak said.

He believes that Russia's oil production at the end of 2025 will remain at the level of the previous year and amount to 516 million tonnes, and next year the authorities expect an increase of around 2% to 525 million tonnes.

"This year we will reach the production level approximately as in 2024 - 516 million tonnes. For 2026, we have planned an increase of about 2% in accordance with the socio-economic development forecast - 525 million tonnes," Novak said.

Russia's LNG

Novak said Russia will continue to develop the production of liquefied natural gas as well.

He recalled that their goal was to reach 100 million tonnes per year by 2030.

"It is clear that due to sanctions restrictions, this will now be postponed by several years," Novak said.

According to him, the construction of plants for LNG production in Russia continues, and the authorities still consider liquefied gas as one of the main sectors and drivers of development for the energy industry.