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Russia's oil output expected to reach 520-530 mln tons in 2024 — Novak

Russian Deputy Prime Minister noted that currently production in Russia reaches around 9.5 mln barrels of oil per day, which corresponds to the OPEC+ agreement

TEHRAN, February 28. /TASS/. Russia's oil output in 2024 is expected to reach 520-530 mln tons compared to over 530 mln tons last year, Russian Deputy Prime Minister Alexander Novak told reporters.

"I think we will have a 520 or 530 [mln tons] range this year," he said.

Novak also noted that currently production in Russia reaches around 9.5 mln barrels of oil per day, which corresponds to the OPEC+ agreement.

Earlier, Minister of Energy Nikolay Shulginov announced a preliminary forecast according to which oil production in Russia in 2024 could reach around 523 mln tons, gas production - 667 bln cubic meters.

Oil and gas condensate production in Russia in 2023 decreased compared to the previous year by 0.8% to 530.6 mln tons, gas - by 5.5% to 636.9 bln cubic meters, Novak said earlier.

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