Russia saw stable oil exports and gas booming business in 2050

Russia, the second largest oil exporter in the world and the second largest natural gas producer, sees stable raw production and significant growth in natural gas production and exports during the next quarter of a century, according to new energy strategies.

Russian pipe gas exports to Europe, which had been its main trading partner, collapsed after the 2022 invasion of Ukraine, although Russian crude oil exports continued to the world market.

According to Russia’s new energy strategy issued by the government on Monday, Russia is targeting exports of natural gas, including liquid natural gas (LNG) transmitted by the sea and supply through pipelines, at 293 billion cubic meters (BCM) in 2030, up from 146 BCM in 2023.

It is expected to jump to 438 BCM in the targeted scenario in 2050. This document is a long -term vision of the Russian energy sector which also set goals.

This strategy sees a stable annual oil production of 540 million metric tons per year (10.8 million barrels per day) to 2050, up from 531 million tons in 2023.

Oil exports are also expected to remain widely stable, amounting to 235 million tons per year in 2030 – 2050, slightly up from 234 million tons in 2023.

The West has dropped a myriad of sanctions against Russia over conflicts in Ukraine, including restrictions on oil exports and some LNG supplies.

Russia cannot start sending LNG to customers from the Arctic LNG-2 factory, which started the output of super gas cooled in December 2023, due to US sanctions.

In its energy strategy, Russia expects LNG exports to jump to 142 BCM in 2030 of 45 BCM in 2023 and then up to 241 BCM in 2050.
Source: Reuters