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Russia’s oil production may decline by 10 mln tons in 2017 — Ministry of Energy

The Russian Energy Ministry expects the world oil market to be well-balanced in 2017

© Sergei Bobylev/TASS

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Russia to maintaint competitiveness on oil market even if oil prices remain low

MOSCOW, November 17. /TASS/. Russia’s Ministry of Energy notes probability of oil production decline in Russia by 10 mln tons in 2017, First Deputy Minister Alexey Teksler said on Tuesday.

"We forecast production will be 533 mln tons this year and plan to keep this volume in the next year. However, production may decline up to 10 mln tons already in 2017," Teksler said.

This is a conservative assessment, the official said. "We sent the production outlook for 2017 amounting to 527 mln tons to the Ministry of Economic Development," he added.

TASS reported earlier the base case of Russia 2035 Energy Strategy provides for oil production at the level of 525 mln tons. Russia’s oil production amounted to 525.7 mln tons in 2014.

Projected oil decline in 2017 is therefore consistent with forecast figures of oil production in 2035 Energy Strategy.

Read also

Russia’s oil export to grow 2-3 mln tons a year in 2015-2018

At the same time, Russia’s oil exports in 2015-2018 will grow by 2-3 mln tons annually.

"This is an actual estimate, which is based on the decline in volumes of refining. Our estimate by 2035 is 240 mln tons (refining — TASS)", he said.

Meanwhile, the state-controlled pipeline operator Transneft expects oil exports from Russia to amount to 210 mln tons in 2016 against 222 mln tons in 2015, the company’s vice president Maxim Grishanin said earlier.

Russian Energy Ministry expects oil market to be well-balanced in 2017

The Russian Energy Ministry expects the world oil market to be well-balanced in 2017, Teksler added.

"It is expected that the market will become well-balanced. There are different assessments: maybe it will happen at the end of 2016, or, most likely, in 2017," he said.

Teksler recalled that in the Q3 the imbalance of supply and demand for oil was just over 2 mln barrels a day.

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