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Russia has no plans to reduce oil production forecast — Natural Resources Minister

January 29, 2015, 14:52 UTC+3
However, the 2015 volume of exploration for oil will be reduced, Sergey Donskoy said
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© Dmitry Rogulin/TASS

MOSCOW, January 29. / TASS /. Russian authorities have no plans to reduce the oil production forecast, but the 2015 volume of exploration for oil will be reduced, said Natural Resources Minister Sergey Donskoy on Thursday.

"No one has suggested that the oil production forecast should be reduced," Donskoy said.

"At the same time, we will reduce the volume of exploration for oil in 2015," he added.

However, the minister noted that some oil companies last year stated the possibility of reducing oil volume production, but at the end of the year, the situation stabilized. "The situation at least is not as negative, as it was predicted originally," Donskoy said.

"We understand that we will most likely have a decline in exploration, but it is hard to say to what extent," he added.

"As far as oil production is concerned, I wouldn't give negative assessments just yet, although the situation is complicated. This is what all companies say," Donskoy cautioned.

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