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09.03.2016 14:08
Oil Output in Russia Poised to Decline (Energy Ministry Report)
In the best case for oil producers, short-term growth remains possible only until 2020, according to the report
AUTHOR: publics.bg


  • © Paul Lowry, flickr.com

Oil production in Russia will inevitably decline by 2035 according to an Energy Ministry report seen by the Vedomosti business daily. The different scenarios predict an output drop from 1.2 percent up to 46 percent two decades from now, rt.com reported.

The document, obtained by the newspaper and confirmed by a source in the ministry, says by 2035 existing oil fields will be able to provide Russia with less than half of today’s production of about 10.1 million barrels per day.

In the best case for oil producers, short-term growth remains possible only until 2020, according to the report. After that, production will contract. The figures vary from 1.2 percent to 46 percent, depending on prices, taxation and whether or not anti-Russian sanctions will be in force.

Last week Russian President Vladimir Putin announced that the country will be keeping oil production at the January levels throughout 2016.


TAGS: pol | Russia | report | oil output | decrease | energy 


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