The IEA Predicts a 6% Increase in Gas Production in Russia in 2024
It could reach 675 billion cubic meters.
Gas production in Russia in 2024 could grow by almost 6% and amount to 675 billion cubic meters, follows from the report of the International Energy Agency (IEA) on the gas market. This forecast is higher than the organization’s previous estimate of 670 billion cubic meters.
According to the IEA, in 2023 Russia reduced gas production by 5% – to 638 billion cubic meters.
In the first half of 2024, gas production in Russia, according to the agency’s estimates, increased by more than 7% compared to the same period last year. Almost 40% of this growth was achieved through increased exports – both pipeline and LNG. In particular, Russia increased gas exports to China via the Power of Siberia, to Europe, to Uzbekistan, and the volume of LNG production increased by almost 10% (or by 2 billion cubic meters).
In addition, gas supplies to the domestic market of the Russian Federation increased by approximately 5.5% (or about 15 billion cubic meters) compared to the same period last year.
Russian gas production forecast
Previously, the Ministry of Energy of the Russian Federation presented a preliminary forecast according to which gas production in Russia in 2024 could amount to about 667 billion cubic meters. Gas production in the Russian Federation in 2023 decreased by 5.5% compared to the previous year, to 636.9 billion cubic meters.
According to the basic forecast of the Ministry of Economic Development, gas production in Russia in 2024 will increase to 666.7 billion cubic meters, in 2025 – up to 695.4 billion cubic meters, in 2026 – up to 707.5 billion cubic meters.
Previously, the International Energy Agency predicted an increase in gas production in Russia in 2024 by 5%, to 670 billion cubic meters.
