Russia has shown record volumes of oil and gas production this year. According to the Federal Customs Service, the total profit from oil and gas exports in January-October 2018 exceeded $150 billion.
According to Energy Minister Alexander Novak, oil and gas condensate production in Russia will reach 556 mio tons (4 bln bbl) in 2018, up from less than 10 mio tons (73.5 mio bbl) in 2017, RIA Novosti reports. Experts believe the rise is due to the development of liquefied natural gas projects and an increase in gas demand in Europe.
The Energy Ministry forecasts suggest that by the end of this year, gas production in Russia will reach 723 bcm (25.5 tcf), or 5% more than last year. Gas exports should increase by 9.3%. The good export performance is associated with a weakening of the OPEC + arrangements.
Experts do not expect 2019 to be as successful. In the gas market, more competition will come from the US; in the oil sector, new restrictions will begin to apply.