BAKU, Azerbaijan, February 15. Russia's liquids output in 2024 is expected to drop by about 80,000 b/d year-on-year, averaging 10.9 mb/d, Trend reports.
According to OPEC's forecast, despite anticipated project ramp-ups at various oil fields and new start-ups by companies such as Rosneft, Russneft, Lukoil, Gazprom, Neftisa, and TenderResurs, the overall additional liquids production is expected to be offset by declines at mature fields.
Moving into 2025, OPEC projects Russian liquids production to experience a marginal increase of 30,000 b/d compared to the previous year, averaging 10.9 mb/d. This forecast takes into account project ramp-ups at several oil fields and start-ups by Lukoil, Russneft, Sheshmaoil, Gazprom, Rosneft, and Sintek-Oil.
Meanwhile, in December 2023, Russia's liquids production is anticipated to decrease by approximately 90,000 b/d on a month-on-month basis, averaging 10.8 mb/d. This figure includes 9.5 mb/d of crude oil and 1.3 mb/d of natural gas liquids (NGLs) and condensate.
For the year 2023, Russian liquids production is estimated to decline by 0.1 mb/d.