Russia may be running out of oil — RT Business
Russia may be running out of oil — RT Business Wednesday March 9 th , 2016 at 2:24 PM RT - Daily News 1 Share Oil production in Russia will inevitably decline by 2035 according to an Energy Ministry report seen by the Vedomosti business daily. The different scenarios predict an output drop from 1.2 percent up to 46 percent two decades from now. The document, obtained by the newspaper and confirmed by a source in the ministry, says by 2035 existing oil fields will be able to provide Russia with less than half of today’s production of about 10.1 million barrels per day. The shortfall should be met by increased production from proven reserves, according to projections by the Energy Ministry. Read more In the best case for oil producers, short-term growth remains possible only until 2020, according to the report. After that, production will contract. The figures vary from 1.2 percent to 46 percent, depending on prices, taxation and wheth