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Russia’s long-term oil production outlook revised upward

October 21, 2016, 16:11 UTC+3
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UFA, October 21. /TASS/. The Russian Energy Ministry has made an upward revision of the domestic oil production forecast starting 2020 to 555-560 mln tonnes, First Deputy Minister Alexei Teksler said on Friday.

"We raised the bar by 30 mln tonnes; the average plateau [peak oil production - TASS] is [set as] 555-560 mln tonnes", the official said.

Russia may add up to 200 mln tonnes of oil annually in the long run, Chief Executive Officer of Rosneft Igor Sechin said on October 20 at the Eurasian Forum in Verona.

Russia may produce 540-545 mln tonnes of oil this year, Deputy Energy Minister Kirill Molodtsov said earlier.

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