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Russia’s oil, condensate production to total 515-521 mln tons in 2024 — Novak

According to Russia’s targeted energy strategy scenario through 2050, the country’s oil production may rise to 540 mln tons by 2036 and remain at that level until 2050

MOSCOW, September 27. /TASS/. Russia’s production of oil and condensate may total from 515 mln to 521 mln tons in 2024, Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Russian Energy Week.

In 2023, oil output reached 531 mln tons, which brings the potential decline in production to 1.9-3%.

"The projected range is from 515 to 521 [mln tons]," Novak said speaking about oil and condensate production.

According to Russia’s targeted energy strategy scenario through 2050, the country’s oil production may rise to 540 mln tons by 2036 and remain at that level until 2050.

The seventh international forum Russian Energy Week (REW) is organized by the Roscongress Foundation with the support of the Russian Government, the Russian Energy Ministry and the Moscow Government. TASS is the forum’s information partner.

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Alexander Novak

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