Russian Deputy Prime Minister Alexander Novak announced on Thursday that Russia has postponed achieving its goal of producing 100 million tons per year of liquefied natural gas (LNG) “for several years,” citing the repercussions of Western sanctions on the Russian energy sector.
In an interview with Russia-24, Novak explained that the goal still stands, but “due to restrictions related to sanctions, this goal will be postponed for several years,” without elaborating further.
Moscow’s ambitious plans, which aim to capture a fifth of the global LNG market share between 2030 and 2035, compared to its current share of 8%, are facing difficulties due to sanctions imposed in the wake of the war in Ukraine, including sanctions on the new “Arctic LNG 2” project.
A recent government strategy indicates that Russia expects to produce between 90 and 105 million tons by 2030, and between 110 and 130 million tons by 2036.
Regarding the production of oil and gas condensate, Novak stated that production this year will not change significantly compared to 2024, reaching approximately 516 million tons, equivalent to approximately 10.32 million barrels per day, considering this figure better than previous expectations indicated by President Vladimir Putin in October, which predicted a decrease of 1%.
Russia’s LNG production increased by 5.4% in 2024 to reach 34.7 million tons, which is less than the expected figure of 35.2 million tons.
