The Ministry of Energy predicts that oil production in Russia in 2024 will remain approximately at last year’s level. This was stated by the head of the department, Nikolai Shulginov. TASS/
According to him, the country slightly reduced its exports of “black gold”, but at the same time increased its production. “So far we do not see any problems with fuel supply in the coming months, but we will look further ahead,” the minister added.
Previously, Deputy Prime Minister Alexander Novak stated that oil production in 2023 will decrease by less than 1% compared to the previous year due to Russia’s participation in the OPEC + agreement. Thus, it reached approximately 530 million tons.
According to Shulginov, last week’s fire at the oil depot in Tuapse did not affect the supply of fuel to the Russians. The facility was export-oriented.
Before that Citi Bank given We estimate that the lifting of restrictions imposed in China due to Covid-19 will not significantly affect oil demand in 2024. Experts expect the impact of incentive measures to be moderate and emphasized that crude oil imports will remain at last year’s levels. The increase in oil demand in China is expected to be approximately 300 thousand barrels per day, mainly from petrochemicals.
Previously Novak registered Stability of fuel prices in Russia.