VEB.RF expects oil products exports to drop by half, LNG exports to grow 2-3 times by 2035

Crude oil exports to return to the level of 2022 in two years and then to decrease gradually

Over the coming 10 years, exports of crude oil and petroleum products will decrease for various reasons. The highest growth dynamics among the export products will be shown by liquefied natural gas (LNG), the volume of which can grow from 34 million tonnes to 90 million tonnes under an optimistic scenario, IAA PortNews correspondent cites Andrey Klepach, Deputy Chairman of VEB.RF, as saying at the National Oil and Gas Forum in Moscow.

Although oil production and exports were record high in 2022, 534 million tonnes and 247 million tonnes, respectively, this year is to see the decrease of exports which is not expected to recover earlier than in a couple of year.

The most dramatic situation is expected in the segment of petroleum products: their exports will obviously decrease from 172 million tonnes in 2022 to 65-75 by 2035 (under baseline and optimistic scenario).

Gas exports are to grow from 131 billion cbm to 172-192 billion cbm by 2035 with output of about 640-905 billion cbm.

LNG exports can grow several times by 2035, to 67-90 million tonnes by 2035.