Gazprom's production will exceed 400 bln cubic meters in 2024, Russian production 690 bln cubic meters

MOSCOW. Dec 11 (Interfax) - Gas production in Russia is expected to reach approximately 685 billion to 690 billion cubic meters in 2024.

This would mark the highest production level in the past three years. The figure stood at 634 bcm in 2023, 672 bcm in 2022 and 763 bcm in 2021. However, it remains significantly lower than the 2021 figure.

The current version of the medium-term macroeconomic forecast projects gas production in 2024 at 668.2 bcm and 695.4 bcm in 2025 under the baseline scenario.

According to Rosstat data, gas production totaled 558.83 bcm in 10M 2024. Adding the figures for November and December 2023, adjusted by the annualized growth rate of 126 bcm for two months as included in the macroeconomic forecast, yields a figure of 685 bcm. Actual production exceeded the forecasted trajectory by 3% in 10M. If this trend continues, the final figure could be slightly higher.

Based on industry-wide data, Gazprom's gas production in 2024 is expected to reach no less than 415 bcm. The company's gas production surpassed last year's level in the second half of November (355 bcm in 2023). It is expected that the milestone of 400 bcm will be reached by mid-December.

Gazprom's production is growing at a faster pace because associated gas production is constrained by OPEC+ oil output limits. Associated gas production has been declining since the middle of the year.