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Russia's oil production this year will remain at 2024 level of 516 mln tons — Novak

In the medium term, Russia plans to increase oil production to 540 mln tons

MOSCOW, December 25. /TASS/. Russia's oil production this year will remain at the 2024 level of 516 mln tons, Deputy Prime Minister Alexander Novak said.

"As for production, this year we will reach approximately the 2024 level of 516 mln tons," he said in an interview with Rossiya-24 TV channel.

In 2026, oil production may increase by 2% and reach 525 mln tons. "We have factored in growth of around 2% in line with the forecast for socio-economic development — that is 525 mln tons," Novak noted.

According to him, Russia is basing its outlook for the coming years on a Brent crude price of $69-70 per barrel. "In our forecast, Brent prices are set at $69-70 per barrel in the medium term, even allowing for a partial decline. In other words, we are taking a conservative approach to the overall assessment of oil price parameters," the deputy prime minister said.

In the medium term, Russia plans to increase oil production to 540 mln tons, Novak added.

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