The Ministry of Energy Expects a Repeat of the Record for the Russian Level of Oil Production in 2023-2024

The Russian Federation in 2023-2024 can repeat the record for itself oil production – 560 million tons. This was announced by the Minister of Energy of Russia Nikolai Shulginov.

“We believe that in 2023-2024 production will amount to about 560 million tons. Our task is to ensure the competitiveness of our resource in the world market, and not to chase only the production figure. We also need to make changes to the energy strategy, possibly to the general schemes of the oil, gas and coal industries, based on the low-carbon development strategy, and extend the planning horizon until 2050, “Shulginov said in an interview with the Kommersant newspaper.

In 2019, Russia set a record for oil production with an indicator of about 560.3 million tons.

Shulginov added that in the future it makes sense to stabilize oil production levels, since it is too early to talk about the end of the oil era. “It makes sense to stabilize. Today is 2021, in my opinion, it is too early to talk about the end of the oil era. We need to monetize stocks. I would like to note that not only we, but also foreign partners adhere to this approach, ”he stressed.