MOSCOW, September 30. /TASS/. Oil production in Russia will decrease by 1.6% to 521.3 million tons in 2024 and to 518.6 million tons in 2025, according to a baseline forecast prepared by the Economic Development Ministry for 2025 and the planning period of 2026 and 2027.

Oil production will resume growth first to 525.2 million tons in 2026, and to 532.6 million tons in 2027, the ministry says.

In the conservative forecast, which includes a stronger slowdown in global economic growth, oil production in Russia will fall to 506.8 million tons in 2025, will amount to 509.8 million in 2026, and 511.8 million tons in 2027.

Russia's production is currently limited by agreements within OPEC+. In addition, from the first quarter of 2024, eight OPEC+ countries, including Russia and Saudi Arabia, agreed to further reduce oil production by a combined 2.2 million barrels per day. However, from December 2024, these countries intend to gradually begin to restore oil production.