The MAYOR has lowered the forecast of oil production in Russia in 2017-2018

© AP Photo / Hasan JamaliДобыча oil. Archival photoThe MAYOR has lowered the forecast of oil production in Russia in 2017-2018© AP Photo / Hasan Jamali

The Ministry of economic development lowered the forecast of oil production in Russia in 2017 and 2018 to 547 million tons, expected to grow to 553 million tons in 2019-2020, according to the forecast of socio-economic development of Russia for 2018 and the planned period of 2019-2020.

«In connection with the extension agreement to limit oil production in may 2017, for an additional nine months in the baseline scenario the forecast of oil production in 2017 and 2018 were downgraded to 547 million tonnes per year. At the same time in 2019 and 2020, oil production will recover to 553 million tons per year», — the document says.

In the April version of the forecast of Ministry of economic development estimated oil production of 549 million tons, in 2018-2020 at 553 million tons per year.The MAYOR has lowered the forecast of oil production in Russia in 2017-2018© RIA Novosti, Informaticompletion: from exploration to the consumer

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