JOURNAL ARTICLE

IEA Sees Russia Oil Output Stable to 2030 Due to Arctic Project.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 2

  • Database: Business Source Ultimate 2 of 2

Abstract

According to the International Energy Agency (IEA), Russia's oil output is projected to remain stable over the next five years, despite international sanctions. The IEA predicts that daily production will average between 10.77 million barrels in 2025 and 10.83 million barrels in 2030. This is still below the 11.09 million barrels per day produced in 2022 when sanctions were imposed. Russia has adapted to the restrictions by using a fleet of tankers to sell oil to Asian clients. The IEA also notes that Russia's top producer, Rosneft, will offset declines in aging oil fields by tapping into its Vostok Oil project. This project aims to pump as much as 115 million tons of oil per year by 2033. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/06, pN.PAG
  • Document Type:Article
  • Subject Area:Power and Energy
  • Publication Date:2024
  • Accession Number:177819556
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