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Free AccessMinistry Forecasts Russian Production Drops
Russian oil production to decline by 10.3%, gas output by 5.9% in 2022, according to the Russian Economic Development Ministry. The figures form part of a social and economic development outlook released on the ministry website.
- Production of oil, including gas condensate, which totaled 524 mn tonnes in 2021, will decrease to 475.3 mn tonnes in the base-case scenario and to 433.8 mn tonnes in the conservative scenario by the end of this year.
- Output is projected at 472.8 mn tonnes in 2023 (405.3 mn tonnes in the conservative scenario), at 476.1 mn tonnes in 2024 (416.4 mn tonnes), and 480.5 mn tonnes in 2025 (421.3 mn tonnes).
- The ministry projects gas output at 720.9 bn cubic meters in 2022 (702.4 bn cubic meters in the conservative scenario), at 720 bn cubic meters in 2023 (669 bn cubic meters), 730 bn cubic meters in 2024 (665.8 bn cubic meters), and 735 bn cubic meters in 2025 (665.1 bn cubic meters). These projections fall short of the 763.5 bn cubic meters of gas registered in 2021.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.