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Russia, the world’s second biggest oil exporter and the second largest natural gas producer, sees stable crude production and significant growth in natural gas production and exports over the next quarter century, according to its new energy strategy.
Russia’s pipeline gas exports to Europe, once its main trading partner, collapsed following the 2022 invasion of Ukraine, though Russian crude exports have continued to world markets.
According to Russia’s new energy strategy published by the government yesterday, Russia targets natural gas exports, including sea-borne liquefied natural gas (LNG) and supplies via pipelines, at 293 billion cubic metres (bcm) in 2030, up from 146 bcm in 2023.
It is expected to jump to 438 bcm in a targeted scenario in 2050. The document is a long-term vision of the Russian energy sector which also sets goals.
The strategy sees stable annual oil production of 540 million metric tonnes a year (10.8m barrels per day) through to 2050, up from 531m tonnes in 2023.
Oil exports are also forecast to stay broadly stable, at 235m tonnes per year in 2030 – slightly up from 234m tonnes in 2023.
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