International Atomic Energy Agency expected an increase in gas production in Russia by 19.2 percent to reach 758 billion cubic meters by 2040, compared to 2015.

In a report issued by the agency on Wednesday, it said that by 2020 Russia’s gas production will reach 636 billion cubic meters and will continue to increase by 0.7% annually.

Up to 2025, gas output will reach 668 billion cubic meters and 698 billion cubic meters in the year 2030, the statement added.

According to the Russian Energy Ministry indicators, the country’s gas production in 2015 has reached 635.5 billion cubic meters.

Moreover, Fitch Ratings agency said on Wednesday that Russia’s oil production is likely to remain at record-high level despite sanctions introduced by western countries against Moscow.

Western sanctions imposed in 2014 have had only a limited impact on oil output so far. Russian exports of crude oil including condensate and oil products exceeded 70% of gross liquids production volumes in 2015, making Russia a key global exporter of liquids and oil products. Fitch expects Russia to remain a major crude and oil products exporter,” Fitch said.

According to Fitch’s “Russian Big Oil Overview” report, Russian oil production in October averaged 11.2 million barrels per day, which is a post-Soviet record.

Source: Al-Manar Website