Russian Oil Output Growth Will Be ‘Impossible,’ Bernstein Says
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Russian oil production growth is close to “impossible” because of rising costs and field depletion, Sanford C. Bernstein & Co. analysts said.
Russia, the world’s largest oil producer, increased output 2 percent to about 10 million barrels a day last year mostly driven by OAO Rosneft’s Vankor field, Oswald Clint and Alex Prokofjevs, Sanford analysts, wrote today in an e-mailed report. Extraction may continue to increase through 2012 and start to decline from 2013.