Russia Sees Slightly Lower Oil Production in 2025

Russia’s oil production this year is expected to be slightly lower compared to 2024, as Moscow will be compensating for previous overproduction per the agreed OPEC+ schedule, Russian Deputy Prime Minister Alexander Novak said on Tuesday. This year, Russia expects to produce between 515 million tons and 520 million tons of oil, Russian news agency TASS quoted Novak as saying. Last year, Russian oil production was 516 million tons. Russia’s oil processing levels, however, are expected to rise this year, compared to 2024, said Novak, who…