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Russia Sees Oil Exports Flat in 2024

OIL
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Russia forecasts that its oversees crude oil supplies will grow over the next three years after being stable in 2024, according to Bloomberg.

  • The Economy Ministry expects crude exports to be 4.82m b/d in 2024, stable on the previous year, mainly due to voluntary OPEC+ cuts.
  • Russia also expects to sell its crude at an average of $65/b from 2024-2027, a downward revision from previous estimates of $71.30/b.
  • In 2025, Russia’s oil production is estimated to grow to 530m mt, before hitting 540m mt in 2026, and 553m mt in 2027.
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Russia forecasts that its oversees crude oil supplies will grow over the next three years after being stable in 2024, according to Bloomberg.

  • The Economy Ministry expects crude exports to be 4.82m b/d in 2024, stable on the previous year, mainly due to voluntary OPEC+ cuts.
  • Russia also expects to sell its crude at an average of $65/b from 2024-2027, a downward revision from previous estimates of $71.30/b.
  • In 2025, Russia’s oil production is estimated to grow to 530m mt, before hitting 540m mt in 2026, and 553m mt in 2027.