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Russia to produce 540 mln tons of oil by 2050, to coordinate levels with OPEC+

"Naturally we don’t have a task of flooding the market unless it needs it," First Deputy Energy Minister Pavel Sorokin said

MOSCOW, September 26. /TASS/. Russia plans to produce 540 mln tons of oil by 2050, though it will coordinate output levels with OPEC+, First Deputy Energy Minister Pavel Sorokin said, adding that there is no target of flooding the market with oil.

"Indeed, the base scenario that we target is 540 mln tons," he said at the Russian Energy Week (REW).

That said, Russia’s oil production levels will be determined considering cooperation with OPEC+ and the needs of the market, Sorokin noted. "Naturally we don’t have a task of flooding the market unless it needs it," he said.

According to the targeted energy strategy scenario obtained by TASS, Russia’s oil production may remain at 540 mln tons per year by 2050. The document is currently being negotiated with participants of the sector and at the level of agencies, with its approval expected by the end of the year.

The seventh international forum Russian Energy Week (REW) is organized by the Roscongress Foundation with the support of the Russian Government, the Russian Energy Ministry and the Moscow Government. TASS is the forum’s information partner.

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