30 Sep 2024 16:39

Russian gas production estimate in 2024 forecast raised slightly, 2025 unchanged

MOSCOW. Sept 30 (Interfax) - The gas production estimate in the updated macro forecast for 2024 was increased slightly, by 1.5 billion cubic meters to 668.2 bcm from 666.7 bcm, while the 2025 forecast remains unchanged.

The figures are part of the socio-economic development forecast for 2025-2027 that the government submitted to the State Duma along with the budget package.

Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel last week that according to the latest estimates, gas production this year could rise 10% or 60 bcm from 638 bcm in 2023

Russia produced 763 bcm of gas in 2021 and 676 bcm in 2022. Gas production has fallen significantly in 2022 and 2023 due to a reduction in westerly gas flows. On the other hand, domestic consumption is growing, as well as Gazprom's supplies to Asia.

The gas production forecast for 2025 has been confirmed at 695.4 bcm.

Estimates have been increased slightly for 2026 from 707.5 bcm to 709.1 bcm and for 2027 from 727.3 bcm to 729.7 bcm.