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Oil production in Russia stable with increase to 10.8 mln barrels/day by 2040 — OPEC

December 23, 2015, 14:17 UTC+3 VIENNA
According to OPEC, declining oil prices and sanctions against Russia by the EU and the US have little effect on the dynamics of oil production in the country
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© Vladimir Smirnov/TASS

VIENNA, December 23. /TASS/. Oil production in Russia will remain stable with a slight increase to 10.8 mln barrels per day by 2040, according to OPEC global oil forecast until 2040 published Wednesday.

Thus, the total oil production in RussiA in OPEC baseline scenario will remain at the level of 10.6 mln barrels per day in the medium term up to 2020, and by 2025 will reach 10.7 mln barrelsper day, continuing growth in 2040 to around 10.8 mln barrels per day.

According to OPEC experts, declining oil prices and sanctions against the Russian Federation by the European Union and the United States have little effect on the dynamics of oil production in the country.

Decline of price of Brent crude oil from its maximum value in June 2014 is now around 70%. Earlier in December, Brent crude oil became cheaper its lowest level since 2004, falling to around $ 36 per barrel. For comparison, in December 2008, Brent crude oil price declined to $36.2 per barrel, having fallen in price by 75% in 5 months.

Oil prices have accelerated the fall after OPEC meeting on December 4. At the end of the 168th meeting in Vienna, OPEC oil ministers have not made a clear decision on production quotas because of the position of countries that are not members of the organization. Currently, the volume of oil production by OPEC members is estimated at 31-32 mln barrels per day. Previous quota stood at 30 mln barrelsper day.

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