Russia is expected to produce 518-521 million metric tons (10.36-10.42 million barrels per day) of oil this year and roughly the same amount in 2025, Interfax new agency quoted Deputy Prime Minister Alexander Novak as saying on Thursday.

He had forecast output of 515-521 million tons in September. Russia, which curbs supply as part of a deal with other OPEC+ producers, produced 529.6 million tons in 2023 including gas condensate.

Novak also said Russia expects to raise its natural gas production in 2024-2025 thanks to higher exports to China, TASS news agency reported.

Novak said Russia has been working on how to receive payments for gas from European countries and Turkey after the United States last month imposed sanctions on state-controlled lender Gazprombank, which has been processing such payments.

Hungary’s foreign minister said on Wednesday that his country had asked the United States to exempt Gazprombank from sanctions when it comes to payments for natural gas as those sanctions could negatively affect some U.S. allies.

The sanctions prevent Gazprombank from handling any new energy-related transactions that involve the U.S. financial system.
Source: Reuters (Reporting by Vladimir Soldatkin; editing by Jason Neely)