Russia's Energy Strategy: Predicting Future Growth Amid Global Tensions

Russia's new energy strategy highlights an ambitious plan for increased natural gas production and stable crude oil output over the next 25 years. Despite Western sanctions, Russia aims for significant growth in LNG exports. Conflicts like the Ukraine invasion have impacted traditional gas exports to Europe.

Russia, the world's second largest oil exporter and natural gas producer, is forecasting a stable crude oil production and a substantial rise in natural gas production and exports in the next 25 years. This projection is part of its newly unveiled energy strategy.

The publication of Russia's energy strategy by the government on Monday outlines goals for natural gas exports, including liquefied natural gas (LNG) and pipeline supplies, aiming for 293 billion cubic meters (bcm) by 2030, up from 146 bcm in 2023. Looking towards 2050, exports could increase to 438 bcm.

Despite the international sanctions, especially from the West over the Ukraine conflict, Russia anticipates a jump in LNG exports, although its Arctic LNG-2 plant faces US sanctions constraints. The strategy foresees stable oil production and minor increases in crude oil exports.

(With inputs from agencies.)