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IEA expects Russia’s gas production to increase 6% in 2024

In 2023 Russia reduced gas production by 5% to 638 billion cubic meters, the agency says

MOSCOW, July 16. /TASS/. Gas production in Russia in 2024 can grow by almost 6% year-on-year and amount to 675 billion cubic meters, according to the Gas Market Report for Q3,2024, by the International Energy Agency (IEA).

This forecast is higher than the organization's previous estimate of 670 billion cubic meters.

In 2023 Russia reduced gas production by 5% to 638 billion cubic meters, the agency says.

In the first half of 2024, gas production in Russia, according to the agency’s estimates, increased by more than 7% year-on-year. Almost 40% of this growth was achieved through increased exports - both piped gas and LNG. In particular, Russia increased gas exports to China via the Power of Siberia, to Europe, to Uzbekistan, while the volume of LNG production increased by almost 10% (or by 2 billion cubic meters).

In addition, gas supplies to the domestic market of Russia increased by approximately 5.5% (or about 15 billion cubic meters) compared to the same period last year.

Russian gas production forecast

Earlier, Russia’s Energy Ministry announced a preliminary forecast according to which gas production in the country in 2024 could amount to about 667 billion cubic meters. Gas production in Russia in 2023 decreased by 5.5% year-on-year to 636.9 billion cubic meters.

According to the baseline forecast of the Economic Development Ministry, gas production in Russia will increase to 666.7 billion cubic meters in 2024, up to 695.4 billion cubic meters in 2025, up to 707.5 billion cubic meters in 2026.

Previously, the International Energy Agency predicted an increase in gas production in Russia in 2024 by 5%, to 670 billion cubic meters.

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