MOSCOW, December 3. /TASS/. Russia’s oil production may rise by 1% in 2025 to 470 mln tons, according to the forecast provided by VTB’s press service.
Russia’s second-biggest lender expects OPEC+ countries to remain equilibrating suppliers on the oil market in coming years. "For Russia it means that production in 2025 may rise by 1% to 470 mln tons given the quota of 9.2 mln barrels per day net of gas condensate. With it taken into consideration, production may be expected at 10.3 mln barrels per day, which is 8% lower than the 2019 peak level," the forecast said.
Meanwhile, VTB considers growth of output in the US the key risk for OPEC+. However, it will be lower than the historical levels and increase by 2% in 2025 to 0.3-0.4 mln barrels per day, the bank added.
"The number of active well drilling units and wells put in production in the US fell by 16% and by 12% in annual terms, respectively, while the number of drilled-but-uncompleted wells decreased by 9% this year, which limits the possibilities of a quick rise in production," according to the forecast.