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Russia will Reach a Peak of Oil Production in 2021
March 9, 2018 14:31


Russia will reach a peak of oil production - 11.7 million barrels per day - in 2021, then by 2023 the volume will fall to 11.57 million barrels. This forecast is provided by the International Energy Agency (IEA).

The USA will overtake Russia in this indicator in 2018. According to the forecast, the risk of decline in production volumes will continue, "if companies are experiencing a shortage of technologies and investments for the next generation of projects, and the government will not be able to continue the more extensive tax reform to stimulate investment in the sector."

The agency notes that the development of new projects will be possible by the cooperation of Russia with foreign partners. In particular, investments are possible from Asia and the Middle East. World oil production will grow by 6.4 million barrels per day by 2023, to 107 million barrels. Global demand for oil will increase by 5.5 percent in five years, reaching 104.7 million barrels - half of this demand will be provided by China and India.


Author: Anna Dorozhkina

Tags: Russian oil and gas industry     

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