The Russian government has approved the Russian Federation energy strategy until 2050. According to the government, the strategy features two key priorities: provide the domestic market with energy resources and realise Russia’s export potential.
Under the energy strategy, oil production in Russia is expected to increase to 540 Mt in 2030 and remain at this level until 2050. Oil exports will increase slightly to 235 Mt in 2030 and remain at this level until 2050. In addition, the export infrastructure capacity for oil and oil products will increase to 550 Mt by 2030. The volume of oil refining and of oil product exports should rise by about 3% by 2030 compared to 2023 and amount to about 283 Mt and 127 Mt, respectively, by 2050. Domestic oil product consumption is expected to increase from 144 Mt in 2023 to 159 Mt in 2030 (158 Mt in 2050).
Russia's gas production is projected to grow to 1,107 bcm by 2050. For 2030, the target scenario sets gas production at 853 bcm, rising to 965 bcm by 2036. Exports are expected to grow to 293 bcm in 2030 and 438 bcm in 2050. LNG exports under the energy strategy will reach 142 bcm in 2030 and 241 bcm in 2050. In addition, Russia intends to increase the number of operational LNG projects to seven by 2030, with a combined production capacity of 100 Mt/year. In addition, Russia plans to achieve coal production volumes exceeding 530 Mt by 2030, 595 Mt by 2036 and 662 Mt by 2050.
Installed capacity of generation facilities I set to increase to at least 274.7 GW by 2030, 287 GW by 2036 and 331.2 GW by 2050.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.