Russia, the world’s second-largest oil exporter and natural gas producer, has outlined its energy strategy for the next quarter century. The strategy foresees stable crude production and a significant increase in natural gas production and exports.
The new energy strategy, published by the Russian government on Monday, targets natural gas exports of 293 billion cubic meters (bcm) in 2030, a significant rise from 146 bcm in 2023. These exports include both sea-borne liquefied natural gas (LNG) and supplies transported through pipelines.
Looking further ahead, the strategy anticipates an increase to 438 bcm by 2050. This document provides a long-term vision for Russia’s energy sector and establishes key goals.
In terms of oil production, the strategy predicts stable annual output of 540 million metric tons (10.8 million barrels per day) through to 2050, a slight increase from 531 million tons in 2023.
Oil exports are expected to remain largely stable, with a forecast of 235 million tons per year from 2030 through 2050, a slight increase from 234 million tons in 2023.
The Russian energy strategy also forecasts a substantial increase in LNG exports, expecting them to rise to 142 bcm in 2030 from 45 bcm in 2023, and further increase to 241 bcm in 2050.
