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Ministry Forecasts Russian Production Drops

OIL

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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