Economics
Russia Sees Oil Output Slump in Worst Case Amid OPEC Talks
- Oil output may drop 14% by 2020-25, Energy Ministry says
- Worst case sees oil at $31-33 a barrel in 2016-17, $42 by 2020
How Will Russia Benefit From an Oil Production Freeze?
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Russian oil production may slump 14 percent in the next five to 10 years under a worst-case scenario prepared by the Energy Ministry.
Crude output may drop to 460 million metric tons (9.2 million barrels a day) by 2020-2025 from 534 million tons last year, before starting to show slight growth, the Energy Ministry’s press service said by e-mail Thursday, in response to a report in Vedomosti newspaper. The worst case, prepared for the nation’s long-term energy strategy, envisages oil prices remaining at about $31 to $33 a barrel in 2016-2017 with a rebound to $42 in 2020, it said.