Key Insights
Russia's oil production in 2024 was 516 million tonnes, a decrease from 530 million tonnes in 2023.
Exports in 2024 were 240 million tonnes, consistent with OPEC+ agreements.
LUKOIL reported a 2.6% drop in oil and condensate extraction in 2024.
AI Analysis
Russia's adherence to OPEC+ production cuts in 2024 is likely to continue, maintaining its influence on global oil markets. However, any significant d...
Market Outlook
Short-Term
In the short term, the reduction in Russia's oil production may lead to higher global oil prices due to decreased supply. This could benefit oil-exporting countries and companies with significant oil production.
Long-Term
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