19 March | Oil

Oil production in Russia is forecast to decrease slightly this year

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.

Elena Berseneva MarketCheese
Period: 07.07.2025 Expectation: 1900 pips
SPX may retreat to 5,980 following all-time high
Today at 10:08 AM 19
Gold sell
Period: 04.07.2025 Expectation: 5000 pips
Gold's six-month uptrend is under threat as prices test 3250 level
Today at 09:30 AM 55
Period: 04.07.2025 Expectation: 750 pips
AUDCAD rises amid easing geopolitical tensions
27 June 2025 79
Period: 03.07.2025 Expectation: 800 pips
Weak dollar pushes GBPUSD to new highs
27 June 2025 61
Period: 04.07.2025 Expectation: 500 pips
Selling EURUSD down to 1.1640
27 June 2025 49
Period: 04.07.2025 Expectation: 224 pips
Selling natural gas with target of 3.335 amid colder weather and oversupply
26 June 2025 72
Go to forecasts