Russian oil production will continue to recover to 10.8 million barrels per day.

Russian Deputy Prime Minister Novak stated in an article published in an energy policy magazine on May 12 that due to global demand growth, domestic investment, and tax changes, Russia is expected to continuously increase its oil production to 10.8 million barrels per day in the near future. Novak noted that Russia is a member of the OPEC+ group, and the quota restrictions on its production have been proven to result in stable oil prices and higher oil revenues. He also mentioned that with the growth in demand, by 2050, OPEC+ countries' share in the global oil market will increase from 49% to 52%. Novak said, "We plan to restore production to 540 million tons per year in the coming years, and this production level will be maintained until 2050. This requires us to promptly replenish our resource reserves, with a primary focus on increasing reserves of difficult-to-extract resources and applying more advanced extraction technologies."