Russia forecasts oil output to fall 2% in 5 years
Russia forecasts its oil production to drop by 2% in five years, the country’s Energy Ministry says as oil prices keep falling.
The Russian paper Kommersant reported on Tuesday that Russia’s oil production would experience decline by 11 million tons to 514 million tons by 2020.
However, it said Russia’s 2025 oil exports are projected to grow.
The ministry also said the country is bracing for a 10% fall by 2035.
The paper said its data was based on Russia’s draft energy strategy up to 2035.
It also said that Russia is to see its natural gas production fall mainly due to lower demand for liquefied natural gas (LNG) projects.
Natural gas production is forecast to fall from 936 bcm to 885 bcm a year by 2035.
On Monday, Russian Economy Minister Alexei Ulyukayev said he expected Western sanctions to remain in effect this year and the following year.
The EU has imposed several rounds of sanctions against Russian, Crimean and other pro-Russia figures following Crimea’s decision to rejoin the Russian Federation in a referendum in March 2014.
In a tit-for-tat measure, Moscow imposed year-long food bans on the United States, the European Union, Australia and Canada last August. The move is estimated to cost European agricultural industries millions of dollars in damage.
KA/KA
Pakistan says Iran's gas project ‘need of the hour’, pushes for US sanctions waiver
Israeli economy plunges almost 20% as Gaza war takes heavy toll
IMF to urge China to shift growth model towards consumption
Iran calls on BRICS to play role in stopping Israeli crimes
President Raeisi’s historic visit opens new chapter in Iran-Pakistan ties
Russia: Poland’s talks on hosting US nuclear weapons ‘dangerous’
India’s home minister vows to end Muslim reservation if his party wins
UN expert calls for arms, oil embargo against Israel
VIDEO | Press TV's news headlines
Iranian police drone strike kills 2 terrorists in Sistan and Baluchestan
VIDEO | TikTok ban
This makes it easy to access the Press TV website
