Moscow's New Energy Plan: Oil Output To Remain Flat Until 2050

Based on Moscow’s new energy plan, Russian crude oil production and exports are set to remain flat until 2050, and output is projected to settle at around 540 million metric tons by the end of this decade, crimped by U.S. and European Union sanctions, Bloomberg reported on Monday. In 2023, Russia produced 531 million metric tons. In terms of exports, Russia’s new energy plan projects flat exports through 2050 of around 235 million tons annually. While oil production is set to see zero growth from now until the middle of the century,…