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Russia’s oil production may remain at 2023 level in 2024

Regarding fuel supply, Energy Minister Nikolay Shulginov noted that the country has slightly reduced exports, but increased production

MOSCOW, January 27. /TASS/. The Russian Ministry of Energy expects the level of oil production in 2024 to remain at the level of 2023, Energy Minister Nikolay Shulginov told reporters.

"Oil production in 2024 is still forecast at last year’s level," he said.

Regarding fuel supply, he noted that the country has slightly reduced exports, but increased production.

At the same time, Head of the System Operator of the Unified Energy System Fyodor Opadchy told reporters that the growth in energy consumption in Russia since the beginning of the year reached 4.9% against the backdrop of severe cold.

"Growth reached 4.9% <...>. So far, against the backdrop of cold weather, we see such a large increase in the cumulative total to date [from the beginning of the year]," he said.