In 2025, Russia plans to produce approximately 510 million tons of oil. This is approximately one percent lower than 2024 production.
RIA Novosti quoted the head of state as explaining this trend by the need to comply with the agreements reached within OPEC+.
According to President Vladimir Putin's statement at Russian Energy Week, the production reduction is voluntary. He also noted that Russia remains a key player in the global oil market, accounting for approximately one-tenth of global production, despite the unfair competition used against it.
OPEC+ comprises eight countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. In early October, the agreement participants agreed to increase oil production by 137,000 barrels per day, beginning in November.