13 May 2016 14:10

Russian oil output expected at 525 mln-545 mln tpy until 2035 - Novak

MOSCOW. May 13 (Interfax) - The Russian Energy Ministry expects annual oil production in Russia will be 525 million-545 million tonnes until 2035, Alexander Novak, the energy minister, told reporters.

"Very many factors can have an effect on production volumes, so there need not be mention of a specific figure now, but of a range from 525 million to 545 million tonnes. Forecasts in this range in the period to 2035 will be appropriate," he said.

Oil production could grow to 540 million-544 million tonnes this year, Novak said earlier. Production in 2017 is expected to be on a par with 2016.