Russia's crude oil and condensate production dropped 2.8% in 2024 compared to the previous year, reaching 516 million tons (10.32 million barrels per day). This decline aligns with Russia's commitment to the OPEC+ agreement aimed at managing global oil supply. However, natural gas production soared by 7.6% to 685 billion cubic meters, driven by increased pipeline gas exports to China and a 4% rise in LNG exports.
Russia pumped 2.8% lower volumes of crude oil and condensate in 2024 from a year earlier, while its natural gas production rose by 7.6%, Russian Deputy Prime Minister Alexander Novak wrote on Thursday in the energy ministry’s in-house magazine. Last year, Russian oil production stood at 516 million tons, said Novak, who is Russia’s top oil official and represents the country at the OPEC talks and meetings. The production volumes were equivalent to about 10.32 million barrels per day bpd.
Russia has submitted a compensation plan to OPEC envisaging Moscow mostly compensating for its overproduction in the months of March to September due to the more challenging conditions in the winter. Commenting on Russia’s oil production and the OPEC deal, Novak wrote in the article that the OPEC agreement has a positive effect on the Russian federal budget revenues. In the natural gas segment, Russia’s production rose by 7.6% on the year to 685 billion cubic meters bcm in 2024.
OIL PRODUCTION NATURAL GAS OPEC RUSSIA ENERGY EXPORTS
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Can 'Drill, baby, drill' Weaken Russia's War Chest?Experts debate the feasibility of increasing US oil production to counter Russia's war financing.
Read more »
US Imposes Heavy Sanctions on Russia's Oil IndustryThe outgoing US administration has imposed the most severe sanctions on Russia's oil sector yet, targeting major oil companies, tankers, and energy officials. The sanctions aim to disrupt Russia's oil exports and cripple its financial gains from the oil trade. Russia vows to continue major domestic oil and gas projects despite the sanctions and claims to remain a key player in the global fuel market.
Read more »
Alberta Partners with Enbridge to Boost Pipeline Capacity and Oil ProductionAlberta's government has teamed up with energy infrastructure giant Enbridge to enhance the province's pipeline capacity, aiming to expedite pipeline construction and reduce regulatory hurdles. This initiative aligns with the Alberta government's strategy to increase oil and gas production. Premier Danielle Smith emphasized the strategic importance of securing energy dominance for the U.S. and highlighted Alberta's role as a reliable energy partner. Funding for the pipeline expansion will be sourced from oil and gas revenue paid in-kind by producers to the province. Alberta is a major contributor to Canadian oil exports, sending 4.3 million barrels daily to the United States. The province aims to further increase its export capacity, positioning itself as a vital energy supplier for the U.S.
Read more »
Seplat Targets Doubled Oil Production in NigeriaSeplat, a Nigerian energy company, acquired ExxonMobil's assets and aims to double oil production within six months.
Read more »
Russian Oil Production Falls Below OPEC CapRussian crude oil production dipped below the country's output limit set by the OPEC agreement in December, according to anonymous sources. This decline could be attributed to several factors, including the ongoing war in Ukraine and tightening Western sanctions.
Read more »
South Sudan Resumes Oil Production After Sudan Lifts Force MajeureDar Petroleum Operating Company (DPOC), South Sudan's largest oil producer, will restart operations on January 8, 2025, following Sudan's lifting of a force majeure declaration on the pipeline route.
Read more »