Russia’s Economy Ministry has raised its 2024 forecast for oil and gas export sales, the country’s main source of income for the budget.
According to a document seen by Reuters, these revenues are expected to reach $239.7 billionany Represents an increase of 17.4 billion. Compared to previous estimates, driven by more optimistic price outlook.
The improved outlook for Russia’s energy sector highlights the difficulties the West has faced in making a lasting impact on the Russian economy through unprecedented sanctions, including oil price caps and import restrictions, as a result of the conflict between Moscow and Ukraine.
The report indicates that Russian crude oil exports are expected to rise to 239.9 million metric tons (equivalent to 4.8 million barrels per day) this year, compared to 238.3 million tons in 2023.
In addition, the average price of Russian oil for export is expected to rise to $70 per barrel, which is $5 more than the April estimate. This figure exceeds last year’s $64.5 and the Western-imposed cap of $60.
In addition, Natural gas prices have also been adjusted upwards. For sale in Europe and China. Since the invasion of Ukraine, Russia has been able to redirect much of its energy trade toward these markets, increasing its trade ties with China and India.
Economically, these revisions translate into higher revenues. Generating nearly $240 billion from oil and gas exports this year would be an increase of $13 billion compared to 2023. For 2025, the forecast has also been revised upward, to $236.5 billion from the previous estimate of $226.2 billion.
Russia is also participating in the efforts led by the Organization of the Petroleum Exporting Countries (OPEC).OPEC) and its allies to limit production and stabilize the volatile oil market.
According to the updated estimates, Russian oil production will fall to 521.3 million tons this year, compared to 529.6 million tons in 2023, down 1.7 million from the previous forecast.
With information from Reuters.
