Russian Energy Minister Forecasts Stability in Oil and Gas Production for 2025
The Russian Ministry of Energy announced on Thursday that it expects oil refining rates and the production of natural gas and coal to stabilize in 2025, matching the anticipated levels for 2024. This outlook comes amid ongoing drone attacks by Ukraine targeting energy infrastructure in Russia.
Energy Minister Sergey Tsivilev, as reported by the ministry's press service, stated: "We anticipate that oil refining operations and the production of gas and coal in 2025 will remain consistent with 2024 levels." However, he did not provide specific figures to substantiate this forecast.
These remarks occur in the context of a series of Ukrainian drone strikes that began last August, aimed at disrupting critical energy facilities such as oil refineries and pipelines, which are vital to funding the Russian military efforts. Reports indicate that drones have targeted at least 17 major refineries.
Industry sources cited by Reuters last month noted that Russian refineries were operating below maximum capacity prior to the attacks but have demonstrated operational flexibility. This adaptability has allowed them to mitigate some of the impacts from the strikes by utilizing backup units and quickly repairing damaged facilities.
Russia remains a significant player 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, it holds the largest proven natural gas reserves globally. The frequency of Ukrainian attacks has prompted Russia to implement precautionary measures, including reducing fuel exports and enhancing air defense systems to safeguard its strategic energy facilities.
