IEA: Russia eyes 5% gas output surge in ’24

The International Energy Agency (IEA) has adjusted its forecast for Russian gas production in 2024, predicting a five per cent increase to 670 billion cubic metres (bcm), Tass reported on Wednesday.

This upward revision comes in at a slightly higher level than the preliminary estimate of 667 bcm previously mentioned by Russia’s Energy Minister Nikolay Shulginov.

In 2023, Russia’s gas production declined by five per cent to 638 bcm, marking a decrease compared to the previous year, as rper the statement.

The IEA’s report also forecasts a 2.4 per cent increase in Russia’s domestic gas consumption for 2024, reaching 507 bcm. This is slightly higher than their previous projection of 503 bcm.

The Economic Development Ministry of Russia has outlined a base-case scenario for gas production, anticipating a rise to 666.7 bcm in 2024, followed by further increases to 695.4 bcm in 2025 and 707.5 bcm in 2026.