According to Tass, the International Energy Agency (IEA) has revised its forecast for Russian gas production in 2024, predicting a five percent increase to 670 billion cubic meters (bcm). This adjustment slightly surpasses the preliminary estimate of 667 bcm previously announced by Russia’s Energy Minister, Nikolay Shulginov.
In 2023, Russia’s gas production experienced a five percent decline to 638 bcm, marking a decrease compared to the previous year, as per the statement.
The IEA’s report also anticipates a 2.4 percent increase in Russia’s domestic gas consumption for 2024, reaching 507 bcm. This figure is slightly higher than their previous projection of 503 bcm.
Meanwhile, the Economic Development Ministry of Russia has outlined a base-case scenario for gas production, foreseeing a rise to 666.7 bcm in 2024, followed by further increases to 695.4 bcm in 2025 and 707.5 bcm in 2026.
