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Russian Energy Ministry leaves open possibility of oil output decline if crude prices drop

Russia's plans on boosting output in the Arctic are based on projections of oil price growth to $80 per barrel within 5 years

© TASS/Maxim Slutskiy

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Russia still sees no sense in cutting oil production jointly with OPEC

MOSCOW, September 18. /TASS/. The Russian Energy Ministry does not rule out that oil output my decline if crude prices go down, First Deputy Energy Minister Alexei Texler said on Friday.

"It is possible if the [oil] price is lower than the current level. It’s obvious that amid such prices the Arctic shelf development will be out of the question. We base all our plans on boosting output in the Arctic on projections that we’ve announced [of oil price growth to $80 per barrel within 5 years - TASS]," he said.

If oil price drops to $40-50 per barrel companies will be adjusting their plans, Texler said, adding that oil output may also go down, though "now we evidence growth of output and drilling."

As TASS reported earlier Energy Ministry projected oil output at around 525 mln tonnes in the mid-term.

At the same time, Texler said "amid current crude prices oil output in Russia may keep at the current level.".

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