Decline in oil output in Russia, which is predicted by some market players, depends on introduction of new exploration and extraction technologies, Director of the Skolkovo Energy Center Tatiana Mitrova said Tuesday.
LONDON (Pakistan Point News / Sputnik - 09th October, 2018) Decline in oil output in Russia, which is predicted by some market players, depends on introduction of new exploration and extraction technologies, Director of the Skolkovo Energy Center Tatiana Mitrova said Tuesday.
On Friday, Saudi Crown Prince Mohammed bin Salman in an interview with Bloomberg said that in the future many oil exporting countries, including China and Russia, would leave the oil market. At the same time the crown prince said he believed that Saudi Arabia did not face any such risks.
"Our calculations show that if nothing is changed domestically in terms of new technologies, then the decline [in oil production] will be by 5 percent by 2025 and by 2030 it could go further down by 10 percent, which is not a catastrophic development. At the same time it is quite sensitive for the economy that is so much dependent on oil and gas revenues, mainly on oil revenues to be clear," Mitrova said during a panel session at the Oil & Money conference in London.
According to Russian Energy Minister Alexander Novak, Russian oil production averaged to 11.35 millions barrels per day in September.
OPEC predicts Russian oil production to drop to 10.4 million barrels per day by 2040, while IEA foresees the drop of 24 percent to 8.6 millions barrels per day, according to their latest annual energy outlook. On the contrary, BP suggested that Russia would boost daily oil production to 13 millions barrels by 2040.
According to the Russian State Geological Prospecting University (MGRI-RSGPU), Russia has active oil reserves enough for 33 years at the current level of production.
