Oil production in Russia in the coming years may decline after record production in 2014, Bloomberg writes on Monday. This may happen due to lower commodity prices and a shortage of new projects in Eastern Siberia.
“Oil production in Russia in the next two to three years may remain at the achieved level or decline. If this happens, exporters from the Persian Gulf countries and Africa can capture new market shares, “says Bloomberg oil analyst Julian Lee.
According to him, in recent years, Russia has compensated for the decline in production in Western Siberia by discovering new deposits in Eastern Siberia. “However, at the moment I do not see enough new projects that would compensate for the decline in production in western Siberia,” the analyst notes. In addition, the sharp drop in oil prices has reduced the attractiveness of the oil industry from the point of view of investors, and they will invest less in the development of new projects in Russia, Lee said.
According to Raiffeisen oil analyst Andrei Polishchuk, oil production in Russia in 2015 will be reduced by 0.5%, as new projects have not yet reached the required capacity. Gazprombank analyst Alexander Nazarov expects that in the next three years production will be at the level of 520-530 million tons of oil per year.
In 2014, oil production in Russia reached a record in the entire post-Soviet history of the country. Every day last year, 10.578 million barrels were produced. During the year, Russia produced 526.753 million tons of raw materials.
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