Headlines
Russia's oil output down 2.8%, gas production up 7.6% in 2024, deputy PM says
Published by Global Banking and Finance Review
Posted on January 30, 2025
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Global Banking and Finance Review
Posted on January 30, 2025
By Vladimir Soldatkin
MOSCOW (Reuters) -Russia's oil and gas condensate production reached 516 million metric tons, or 10.32 million barrels per day, in 2024, Deputy Prime Minister Alexander Novak told the energy ministry's in-house magazine on Thursday, around 2.8% lower compared to 2023.
Russia has been holding down its oil production due to an agreement with the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+.
Russian's oil industry is also under Western sanctions, including an embargo on seaborne Russian oil imports and a price cap of $60 per barrel, due to Moscow's conflict in Ukraine.
Novak said Russia's natural gas output rose by 7.6% to 685 billion cubic metres (bcm) last year, while exports of liquefied natural gas (LNG) increased by 4% to 47.2 bcm.
Russia has so far defied predictions of severe declines in its oil supply, including from the Paris-based watchdog International Energy Agency, which in March 2022 said it was possible markets would lose three million bpd of Russian crude.
Russia has managed to redirect all of its crude oil exports affected by Western sanctions to what it terms "friendly" countries, such as China and India.
OPEC+ DEAL
Novak praised the OPEC+ agreement, saying it was beneficial to Russia.
"The deal has a positive effect on the income of our country. Due to rising prices for Russian oil, the share of oil and gas revenues in the federal budget in 2024 amounted to about 30%," he said.
According to the finance ministry, Russia's oil and gas revenues jumped by 26% last year to $108 billion after falling by 24% in 2023 on weaker oil prices and declining gas exports.
Novak said oil exports amounted to 240 million tons last year. This was up from 238.3 million tons in 2023 and in line with government forecast.
(Reporting by Vladimir SoldatkinEditing by Andrew Osborn and Christina Fincher)