Oil production in Russia is forecast to decrease slightly this year

As stated by Russian Deputy Prime Minister Alexander Novak, the volume of oil production in Russia this year is likely to be slightly lower compared to the figures of 2024. The decrease is related to Moscow's commitment to compensate for the earlier overproduction of crude in compliance with the OPEC+ agreement.

According to Novak, it's expected that the oil output in Russia this year will be in a range between 515 million and 520 million tons, TASS news agency cited.

Over 2024, the amount of oil production in Russia amounted to 516 million tons. However, the official added that this year, an increase in oil refining is expected in a year-on-year comparison.

While speaking to journalists in Moscow, Alexander Novak also noted that the global oil market is balanced and prices are remaining relatively stable. Earlier, he said that the global demand for oil is likely to get stronger due to an increase in fuel consumption as summer approaches. 

He emphasized that the projected rise in demand has already been priced in the OPEC+ decision to start resuming the oil supplies since April. In addition, the official said that the organization's decision may be cancelled in case of a strong imbalance in the oil market.