Russia's oil production in 2024 is expected to decline from 518-521 million T

Interfax news agency reported that Deputy Prime minister Alexander Novak said on Thursday that Russia will produce between 518-521 millions metric tons of oil (10.36-10.42million barrels per day). This amount is also expected in 2025.

In September, he had predicted a production of 515-521 millions tons. In 2023, Russia produced 529,6 million tons of gas condensate, despite a reduction in supply due to an agreement with other OPEC+ members.

Novak said that Russia also expects to increase its natural gas production by 2024-2025, thanks to increased exports to China.

Novak stated that Russia is working to find a way to receive gas payments from European countries and Turkey, after the United States imposed sanctions last month on state-controlled Gazprombank which had been processing these payments.

Hungary's Foreign Minister said that on Wednesday, his country has asked the United States not to sanction Gazprombank when it comes payments for natural gases as these sanctions could adversely affect some U.S. Allies.

The sanctions prohibit Gazprombank to handle any new energy transactions involving the U.S. Financial System. (Reporting and editing by Jason Neely; Vladimir Soldatkin)

(source: Reuters)