Overview
- Deputy Prime Minister Alexander Novak said 2025 output held roughly flat at about 516 million tons.
- Production is projected to rise about 2% next year to 525 million tons under the socioeconomic forecast.
- Moscow’s medium-term plan envisions lifting annual output to about 540 million tons.
- Novak said reaching those levels will require additional capital, with policy measures being prepared to spur investment.
- He described the market as balanced, even as international agencies continue to warn about a potential supply overhang in 2026.