Russian Energy Minister Predicts Stability in Oil Refining and Gas Production for 2025
The Russian Energy Ministry announced on Thursday that it anticipates stability in oil refining rates and the production of natural gas and coal for 2025, aligning with projections for the current year, 2024. This outlook comes amid ongoing Ukrainian drone strikes targeting Russia's energy infrastructure.
Energy Minister Sergei Tsivilev stated, as reported by the ministry's press service, "We expect oil refining and gas and coal production operations in 2025 to remain at 2024 levels." However, he did not provide specific figures to support this forecast.
These remarks come in the context of a series of Ukrainian attacks inside Russia that began last August, aimed at disrupting critical energy facilities such as oil refineries, storage sites, and pipelines, in an effort to undermine one of Russia's main sources of funding for its military operations. Reports indicate that drones have targeted at least 17 major refineries.
Sources within the industry cited by Reuters last month noted that Russian refineries, which were already operating below maximum capacity prior to the attacks, have operational flexibility that has allowed them to mitigate some of the impacts. This includes the ability to operate reserve units in both affected and unaffected facilities, as well as the swift repair of damaged units to restore service.
Russia plays a significant role in the global energy market, ranking as the third-largest oil producer after the United States and Saudi Arabia, and is the second-largest exporter of crude oil worldwide. Additionally, Moscow holds the largest proven reserves of natural gas globally. The frequency of Ukrainian attacks has previously prompted Russia to take preventive measures, including reducing fuel exports and enhancing air defense systems to protect its strategic facilities.
