Russian gas production to gain 4.6% in 2024: Economy Ministry

In 2024, natural gas production in Russia is expected to add 4.6 per cent and climb to 666.7 bln cubic meters in the base case scenario, the Russian Ministry of Economic Development said in its socioeconomic development forecast for the country.

According to the forecast, which was carried out by Russian news agency, TASS, pipeline gas exports are forecast to edge up by 7 per cent to 108 bln cubic meters. Liquefied natural gas (LNG) exports are predicted to grow by 14 per cent to 38 mln metric tons in 2024.

Gas production is expected to continue growing to 695.4 bln cubic meters in 2025, 707.5 bln cubic meters in 2026, and 727.3 bln cubic meters in 2027. Pipeline gas exports will grow to 120 bln cubic meters in 2025, 126 bln cubic meters in 2026, and then drop to 122 bln cubic meters in 2027.

LNG exports are forecast to be 40 mln metric tons in 2025, 44 mln metric tons in 2026, and 56.6 mln metric tons in 2027. Non-CIS gas prices are expected to be at the level of USD 297.3 per 1,000 cubic meters in 2024.