Russia's energy plan outlines slight change in oil production by 2050

According to Russia's energy sector development strategy released Monday, the country's target for oil production is set at 540 million tons for the end of this decade and for mid-century. This is equivalent to producing about 10.84 million barrels per day.

Such a value is only slightly higher than the 2023 production figures. The levels of shipments of crude to other countries are also suggested to show little change.

The subdued outlook highlights the expected intensification of competition from other major hydrocarbon-producing countries and a decline in global demand after 2035. The plan also emphasizes the gradual depletion of Russia's high-quality oil fields and an increasing share of more difficult-to-recover resources.

Meanwhile, the targets for natural gas foresee a significant increase in annual production. By the end of the decade, according to the document, Russia is expected to produce 853 billion cubic meters of gas, exceeding 2023 values by more than a third. In 2050, production is expected to exceed 1 trillion cubic meters, mainly due to increased production of liquefied natural gas.