Russia’s crude oil production will remain stable in 2025

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　According to Sinochem News, recently Russian Deputy Prime Minister Alexander Novak announced that Russia’s crude oil production in 2025 will remain unchanged from the previous year, at around 516 million tons. It is expected to rise to 525 million tons in 2026, an increase of about 2%; these targets will be set based on the expectations regarding socio-economic development. Using the conversion rate of 1 ton equal to 7.33 barrels, the average daily production in 2025 will be around 10.36 million barrels, while it is expected to reach 10.54 million barrels in 2026. 　　Novak revealed that Russia’s annual crude oil production is expected to rise to 540 million tons in the next five years, but new investments are needed in the petroleum industry. He said that efforts are currently underway to develop the hard-to-extract reserves in the Arctic shelf, a process that requires additional costs and funding; conditions will be improved and a favorable environment created to attract investment. 　　Speaking of the global crude oil market, Novak said that supply and demand are in balance, a view that aligns with OPEC+ but differs significantly from that of most forecasting agencies such as the International Energy Agency, which believes that there will be a significant supply surplus by 2026, and that demand growth will not meet optimistic projections.