Russia Confronts Stagnant Oil Output After Crude Price Slump

Russia’s record crude oil output last year is likely to prove a high-water mark as economic sanctions and lower prices erode investment in developing deposits needed to replace aging Soviet-era fields.

The world’s largest oil producer will probably see total output flat, at best, over the next two to three years, according to analysts and forecasters including OAO Gazprombank. Others, such as the Organization of Petroleum Exporting countries, predict a decline.