Russia is aiming to increase its global market share in the liquefied natural gas (LNG) sector to 15 percent by 2035, according to the country's Energy Minister Alexander Novak. Speaking at the Energy Efficiency Conference in Moscow, Novak said the LNG is a major factor in Russia's future energy strategies.

Referring to the fact that Russia's current share in the global LNG market is 4.5 percent, Novak said, "We aim to increase Russia's share to 15 percent by 2035 with new projects like YAMAL LNG." Novak also touched on the situation of oil markets, noting that it is hard to predict how the oil markets will be stabilized.

According to the minister, Russia's oil production surplus was 1.8 million barrels per day at the beginning of the year. He said they estimate that this production surplus will reach a million per day by the end of 2016. Oil production in Russia rose to a record level of 11.2 million barrels per day in October. Russian authorities say they will support an official agreement on the freezing of oil production among Organization of the Petroleum Exporting Countries (OPEC) members in an effort to raise oil prices.