Russian oil production to stabilize at 525 mln tpa until 2017 - ministry
MOSCOW. Sept 8 (Interfax) - The Russian Energy Ministry forecasts oil production will stabilize at or around 525 million tonnes a year until 2017.
The ministry's press office told Interfax that according to the forecast, which Deputy Energy Minister Kirill Molodtsov endorsed on Monday, slight growth in production to 525.3 million tonnes is forecast for this year. Output is expected to remain flat at 525 million tonnes in 2015 and 2016. The 2016 forecast is so far 526 million tonnes.
The Energy Ministry considers it appropriate, when laying out the parameters for socioeconomic development, to use one scenario for the production oil, including gas condensate, which stipulates the stabilization of output at the reached level.
The ministry's forecast will be sent to the Economic Development Ministry, the Energy Ministry said.
Oil output in Russia was 523.3 million tonnes in 2013, having increased by 5.2 million tonnes from the previous year.
Lukoil's vice president, Leonid Fedun, said at the end of August that Russia could encounter zero growth in oil output already this year. He said a fall in output might already be observed in 2015.
