The information was shared by Russian Deputy Prime Minister Alexander Novak on Russian state television on December 25.
According to Mr. Novak, sanctions related to the Ukrainian conflict have made it difficult for Russia's long-term ambition to capture about a fifth of the global LNG market share in the period of 2030-2035. Currently, Russian LNG accounts for about 8% of the global market share.
The Russian government's recent updated energy strategy, which outlines the industry's long-term plans, is expected to produce 90-105 million tons of LNG by 2030 and increase to 110-130 million tons by 2036.
"Our target is to reach 100 million tons. Obviously, due to sanctions-related restrictions, this time will be postponed by a few more years," Novak told Rossiya24.
The Russian Deputy Prime Minister also informed that Russia's oil and gas production in 2025 will remain almost unchanged compared to 2024, at about 516 million tons, equivalent to 10.32 million barrels per day. This figure is more positive than the 1% reduction forecast given by President Vladimir Putin in October.
Russia's LNG output will increase by 5.4% in 2024, to 34.7 million tons, lower than the expected 35.2 million tons.
The European Union plans to ban imports of Russian LNG from January 1, 2027. Meanwhile, Russia also faces fierce competition from the US and Qatar. While the US is expanding LNG exports to Europe, Qatar is the dominant supplier in the Asian market.
The continued delay in implementing the Arctic LNG 2 project shows Russia's difficulties in sharply increasing LNG production. The project started production in December 2023, but it was not until August this year that the first shipment was delivered to end customers in China.
Similarly, the Murmansk LNG project, expected to become Russia's largest LNG plant with a capacity of 20.4 million tons per year, is also facing the risk of being behind schedule.
Also in the interview, Deputy Prime Minister Alexander Novak said that global oil consumption could increase by 15 to 20 million barrels per day by 2050.
"Experts estimate that by 2050, which is within the next 25 years, the increase will be between 15 and 20 million barrels of oil per day. In the past 2 years, we have seen a consumption of more than 1 million barrels per day per year, he said in an interview with Rossiya-24.
Deputy Prime Minister Novak pointed out that due to the growth of oil consumption, investment and cooperation between countries to meet market demand, this is necessary because it is related to energy security.
