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3 Oct, 2023 05:09

Russian gas production forecast to soar

The country aims to boost annual LNG output levels to at least 100 million tons by 2030
Russian gas production forecast to soar

The annual volume of liquefied natural gas (LNG) production in Russia is expected to keep growing to reach 47.3 million tons in 2024 in line with the country’s energy development program.

According to official documents, fuel output will jump by 40% next year. By the end of 2023, production volume is projected to reach 33 million tons.

According to state statistics service Rosstat, LNG production in Russia increased by 8.1% last year, amounting to 32.5 million tons. Between January and August this year, output decreased by 5.3% in annual terms to 20.9 million tons.

Russian Energy Minister Nikolay Shulginov told RIA Novosti this month that the country’s current LNG production is not enough to satisfy the growing demand for the Russian fuel on the global market.

Deputy Prime Minister Aleksandr Novak had earlier revealed that Russia intends to increase its export share of LNG to offset a decline in pipeline gas supplies to Western Europe.

The country’s LNG development plans require additional gas resources to boost production by a further 34 million tons a year, with the goal of reaching output levels of at least 100 million tons of LNG per year by 2030, according to Novak.

For more stories on economy & finance visit RT's business section

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