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Russia Targets Reduced Oil Production in 2024 but Higher Gas

OIL

Russia’s crude oil and condensate output is seen at 523m tons this year according to Interfax reports citing Energy Minister Nikolai Shulginov, while gas production is estimated at 667bcm in 2024.

  • Crude oil and condensate output was 530.6m tons in 2023, while gas production was 637bcm.
  • Bloomberg reported last week that Russia is near reaching its target for the latest OPEC+ voluntary cut commitments.

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