MOSCOW, April 24. /TASS/. Russia’s gas production may rise by 5% in 2024 to 670 bln cubic meters, the International Energy Agency (IEA) said in its report on the gas market. This outlook is higher than the previous projection of 664 bln cubic meters.

In 2023, Russia’s gas output decreased by 5% to 638 bln cubic meters, according to IEA.

Earlier, Russian Energy Minister Nikolay Shulginov referred to preliminary estimate of Russia’s gas production in 2024 of around 667 bln cubic meters. Russia’s gas output fell by 5.5% to 636.9 bln cubic meters in 2023 compared with the previous year.

Meanwhile, gas consumption in Russia may increase by 2.4% in 2024 to 507 bln cubic meters, which is also higher than the agency’s previous projection of 503 bln cubic meters, according to the report.

According to the Economic Development Ministry’s base case scenario, Russia’s gas production will rise to 666.7 bln cubic meters in 2024, to 695.4 bln cubic meters in 2025, and to 707.5 bln cubic meters in 2026.