The 1608th issue of the bulletin "Branches of the Russian Economy: Manufacturing, Finance, Securities. Oil and Gas production and Oil refining" of the AK&M News Agency.
In January, the global oil market experienced multidirectional price dynamics. Up to the middle of January, quotes steadily increased, then a correction began, and by the end of last month, stabilization was outlined. Oil prices rose in early January mainly against the backdrop of increased US sanctions against Iran and Russia, as well as frosts that swept most of the Northern Hemisphere. Meanwhile, the new President of the United States, Donald Trump, who took office, undertook a number of verbal interventions with the intention of limiting the rise in oil prices (pressure on OPEC to increase production, the imposition of duties against a number of countries, including China, etc.), which could have caused a moderate and short-term decline observed in the second half of January quotes.
Oil and gas condensate production in Russia in 2024 decreased by 2.8% compared to 2023 to 516 million tons. Such assessments were given in his article by Deputy Prime Minister of the Russian Federation Alexander Novak. In 2023, Russia produced 530.6 million tons of oil with condensate. The decrease in oil production is mainly due to Russia's commitments to reduce oil production under the OPEC+ deal. However, with a relatively stable level of production drilling (30.17 thousand km), horizontal drilling by Russian oil companies increased by 9.5% in 2024, to 20.46 thousand km. This indicates a deterioration in the quality of reserves, since hydraulic fracturing and horizontal drilling are usually necessary when developing hard-to-recover oil and gas deposits.
In 2024, gas production in Russia amounted to 684.8 billion cubic meters, an increase of 7.4% compared to 2023. This follows from Rosstat data. In December 2024, production amounted to 64.4 billion cubic meters, which is 2% more than in December 2023. The integral result was largely influenced by Gazprom, which increased gas production by 61 billion cubic meters in 2024, to 416 billion cubic meters. Thus, gas production by the concern will exceed not only the indicator of 2023 (355 billion cubic meters), but also 2022 (413 billion cubic meters). Supplies In 2024, a new record of 390 billion cubic meters was reached for Russian consumers through Gazprom's gas transmission system.
Oil exports from Russia in 2024 increased by 2.4% year-on-year and amounted to 240 million tons. This assessment was given in his article by Deputy Prime Minister of the Russian Federation Alexander Novak. But the published estimates of the volume of Russian oil exports from international agencies — OPEC and the IEA — show a moderately negative trend.
Primary oil refining in Russia in 2024 increased by 3.1% and amounted to 266.5 million tons. This assessment was given in his article by Deputy Prime Minister of the Russian Federation Alexander Novak. At the same time, gasoline production in Russia in 2024 decreased by 6.4% to 41.1 million tons against 43.9 million tons in 2023. Diesel fuel output decreased by 7.4% to 81.6 million tons. The official noted that the production of fuel of the highest ecological class K5 has increased significantly compared to 2016 (when it began operating in Russia): gasoline — by 10.5%, to 41.1 million tons, diesel fuel — by 25.9%, to 81.6 million tons.
This and many other topics are covered in Bulletin No. 1608 of the monthly bulletin "Branches of the Russian Economy: Manufacturing, Finance, Securities. Oil and Gas Production and Oil Refining" by the AK&M News Agency dated February 05, 2025.
