Russia set to boost LNG exports this year by 14% to 38 million tonnes, official says

Russian Federation plans to occupy up to 20% of the global LNG market by 2035

The redirection of export flows and increasing Russia’s share in the global gas market will continue this year. Russian LNG exports are forecast to increase by 14% year-on-year reaching 38 million tonnes in 2024, Deputy Prime Minister Alexander Novak wrote about this in an opinion piece in the Energy Policy magazine.

Mr Novak also recalled the development of new LNG clusters, including the Arctic LNG 2 project, a complex for processing ethane-containing gas (CPECG) and producing LNG in the Ust-Luga area, Leningrad region. The development of medium- and low-tonnage LNG projects continues.

Gas production in Russia amounted to 636.7 billion cbm at the end of 2023 (-5.5% Y/Y), offshore gas production – 34.5 billion cbm (+10.9%), oil and gas condensate production - about 530 million tonnes (-1%, which is due to Russia’s participation in the OPEC+ agreement), the Deputy Prime Minister added.

PortNews has previously quoited Alexander Novak’s statement that LNG production in Russia hit the 33 million tonne mark in 2023, and that the share of Russia in the global market reached 8%. Russia is expected to produce 100 million tonnes of LNG per year by 2035, provided that all planned projects are successfully completed, and occupy up to 20% of the global market.