- Home
- Business
- Russia's LNG Production Plan Upgraded to 80-140Mln Tonnes Yearly by 2035 - Energy Strategy
Russia's LNG Production Plan Upgraded To 80-140Mln Tonnes Yearly By 2035 - Energy Strategy
Umer Jamshaid Published April 03, 2020 | 12:40 AM
MOSCOW (UrduPoint News / Sputnik - 03rd April, 2020) Russia's liquefied natural gas (LNG) production plan has been upgraded to 80-140 million tonnes per year by 2035, according to the Energy Strategy for the period until 2035, which the cabinet approved earlier on Thursday.
Under the previous plan, Russia was expected to produce 70-82 million tonnes of LNG per year by 2035.
The LNG production plan until 2024 remains unchanged, standing at 46-65 million tonnes annually.
The gas production plan has been upgraded to 860 billion - 1 trillion cubic meters per year by 2035, from the previously planned 850-924 billion cubic meters.
Russia's energy strategy assumes that global oil demand may peak earlier than in 2030.
It also states that the demand for petroleum products will be characterized by the growth of consumption in the transport sector, while the demand in the domestic, commercial and electric power sectors will decrease.
Russia sees prerequisites for reduction of world oil supply after 2020 and the need for increased investment in offshore projects, which may lead to increase in prices.
In the medium term, oil prices will be determined by general economic factors (global economy growth rates, situation in the financial markets, shale oil development in the US), as well as political and social factors (including the COVID-19 pandemic), the document says.
"However, accelerated development of the most cost-efficient reserves and reduction in exploration investments in various regions of the world will provoke decrease in supply of oil after 2020. It will require intensive investments in offshore and other expensive projects and could lead to the start of a new cycle of price increases," the document says.
The strategy does not rule out further coordinated actions by oil exporting countries to regulate the market.
Recent Stories
IMF Officials assure support to Pakistan’s economy
Naqvi directs foolproof measures for protection of Chinese nationals
Israel carries out attack inside Iran, report US media
Saudi Assistant Minister of Defence calls on army chief
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
More Stories From Business
-
Weekly inflation falls by 0.79 percent
8 minutes ago -
IMF Officials assure support to Pakistan’s economy
31 minutes ago -
Gold rates up by Rs 500 to Rs 250,700 per tola
59 minutes ago -
Japanese auto giant Nissan cuts sales, profit forecasts
2 hours ago -
KPT shipping movements report
3 hours ago -
Food exports grew by 48.17% in 09 months, reached $5.651 bln
3 hours ago
-
Exchange rates for currency notes
6 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
7 hours ago -
Foreign exchange rates
7 hours ago -
Today Gold Rate in Pakistan 19 April 2024
7 hours ago -
Oil jumps more than 3% on Middle East worries
7 hours ago -
Tokyo's Nikkei index tumbles 3% in morning trade
8 hours ago