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World oil prices

Russia may cut oil production by 1.2% in 2024 — Economy Ministry

The Russian oil export prices is expected in the base case at the level of $65 per barrel in 2024-2027

MOSCOW, April 26. /TASS/. Oil and gas condensate production in Russia may drop in the base case scenario by 1.2% from 529.6 mln metric tons in 2023 to 523 mln metric tons this year, the Russian Ministry of Economic Development said in its socioeconomic development forecast for the country.

Oil production may grow in the base case to 530 mln metric tons in 2025, 540 mln metric tons in 2026, and 553.1 mln tons in 2027, the ministry said in the document posted on its website.

In the worst case scenario, oil and gas condensate production in Russia will amount to 523 mln metric tons this year, 487.1 mln metric tons in 2025, 501.3 mln metric tons in 2026, and 506.1 mln metric tons in 2027.

Russian oil export prices are expected in the base case scenario at the level of $65 per barrel in 2024-2027.

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