According to a new energy strategy developed through 2050, Russia intends to achieve a production of 853 billion cubic meters of gas per year by the end of the decade. This is a 33% increase compared to 2023. Gas exports are projected to nearly double by 2036, reaching 197 billion cubic meters. By 2050, gas production is expected to exceed 1 trillion cubic meters.
This is reported by Finway
Russia is attempting to significantly increase its production of liquefied natural gas (LNG). However, a serious obstacle to realizing these plans is the Western sanctions. At the same time, by 2048, the country aims to boost LNG exports by over 400% compared to 2023, reaching 241 billion cubic meters.
“Without significant investments, technological breakthroughs, regulatory changes, and the lifting of Western sanctions, Russia may face a decline in oil production in the coming decades,” notes an expert.
According to forecasts, maintaining current trends will lead to a decrease in oil production from the current 530-540 million tons per year to 287 million tons by 2050. Oil exports will shrink from 234 million to 79 million tons per year. If Western sanctions intensify and the world’s transition to clean energy accelerates, Russia could produce only 171 million tons of oil annually, and exports could cease altogether.