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Russia to remain global oil industry leader in long term — Energy Minister

October 09, 23:14 UTC+3 MILAN

"Our strategy provides for maintaining oil production at the current level, even with a small increase," the minister said

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Russian Energy Minister Alexander Novak

Russian Energy Minister Alexander Novak

© Anton Novoderezhkin/TASS

MILAN, October 9. /TASS/. Russia will remain the global oil industry leader over the long term, Energy Minister Alexander Novak told reporters on Tuesday.

"Russia is currently the leader of the global oil industry and will remain as such on a long-term horizon. Our strategy provides for maintaining oil production at the current level, even with a small increase," the minister said.

Nevertheless, Russia needs to undertake incentivizing measures currently discussed by the government to maintain oil production, Novak added.

Russia can produce 551-555 mln tonnes of oil in 2018, the minister said earlier.

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