Crude oil output in 2025 will remain at 516 million tonnes, the same level as the previous year, and will rise by 2% in 2026 to 525 million tonnes, Russian Deputy Prime Minister Alexander Novak said.
“This year we will have an extraction level roughly equal to that of 2024, 516 million tonnes,” Novak said in an interview with Russian state television.
For next year, he noted that Russia “plans growth of around 2% in line with economic and social development forecasts, amounting to 525 million tonnes.”
He added that the Russian government is basing its calculations on a Brent crude price of around $69–70 per barrel in the medium term.
“We are trying to maintain a conservative approach when it comes to the overall assessment of oil prices,” he acknowledged.
In the medium term, Russia plans to raise production to 540 million tonnes “and maintain those levels,” he stressed. “To achieve this, it is of course very important to continue working to create conditions that ensure this level of output,” he said.
Novak added that “at the moment, we are preparing to develop hard-to-recover reserves, largely those on the Arctic continental shelf.”
“This requires additional spending and corresponding investment. That is why we will continue working, among other things, on preparations and on creating conditions to stimulate investment flows into this sector,” he explained.
