The 1613th 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 February, the global oil market experienced a predominantly downward trend in prices. Analysts agree that the reason for this dynamic was the activity on the part of the United States, in particular, the announcement and introduction of new duties. Coupled with the tightening of retaliatory tariff measures, the general information background was developing towards an increase in macroeconomic risks. Among the additional factors contributing to the decline, it should be noted the intention of the countries of the OPEC+ agreement to resume the growth of oil production from April 1. As a result, trade wars, sanctions and geopolitical uncertainty led to a decline in quotations below the $75 level.
In January 2025, oil production in Russia decreased by an average of 27 thousand barrels per day compared to December 2024 and amounted to 8.977 million barrels per day. Such data is provided by OPEC. Deputy Prime Minister Alexander Novak told reporters that in January and February, Russia produced oil below the OPEC+ quota set to compensate for excess production volumes earlier, and in March it will strive to fulfill its part of the deal 100%.
The volume of natural gas production in Russia in January 2025 amounted to 62.5 billion cubic meters, which is 4% less than in January 2024. The production of liquefied natural gas in Russia in January 2025 decreased by 2.9% to 3 million tons. At the same time, compared to December 2024, January production decreased by 6.5%. According to the basic forecast of the Ministry of Economic Development, gas production in Russia in 2025 is expected to grow to 695.4 billion cubic meters, in 2026 to 709.1 billion cubic meters. The International Energy Agency has raised the estimate of gas production by Russia in 2025 to 693 billion cubic meters (+1.6% by 2024) from the previously expected 687 billion cubic meters.
The parties to the OPEC+ agreement confirmed plans for a gradual and flexible return of voluntary reductions in the amount of 2.2 million barrels per day, starting on April 1, 2025. In addition, the UAE, as planned, will increase production under the OPEC+ quota by 300,000 barrels per day from April 2025 to September 2026. In addition, OPEC+ countries with overproduction of oil under the production containment deal will submit their updated compensation schedules to the OPEC secretariat by March 17, 2025.
The European Commission has postponed the publication of the roadmap for the final and phasing out of Russian fossil fuels, originally scheduled for March 26. The new publication date of the document is not reported. Earlier, EC representative Anna-Kaisa Itkonen said that the possible resumption of the Nord Stream gas project with the participation of the United States does not meet the interests of the European Union. The European Union also recalled that if Nord Stream is launched, it must comply with international and European legislation. Representatives of the German government say that Germany has no plans to resume natural gas supplies from Russia and restore the Nord Stream 2 gas pipeline. Earlier, Bild reported, citing its own information, that Richard Grenell, the special envoy of the US President for special assignments, had repeatedly made unofficial trips to Switzerland to negotiate the resumption of the Nord Stream 2 gas pipeline.
This and many other topics are covered in Bulletin No. 1613 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 March 10, 2025.
