Oil production in Russia could reach its peak in 2021, says Novak

© RIA Novosti / Maxim to Bogodeeva in photobacteria oil. Archival photoOil production in Russia could reach its peak in 2021, says Novak© RIA Novosti / Maxim to Bogodeeva the image Bank

Oil production in Russia without incentives in 2021 could reach a peak of 570 million tons in 2018 is expected to reach 553 million tons, said energy Minister Alexander Novak.

«In 2018 we expect approximately 553 million tons of production. At the peak we will leave in 2021 is 570 million tons, after which it can begin a gradual decline and by 2035 we can cut production to 310 million tons,» — said Novak at a meeting of the government on stimulation of oil production.

He also noted that in the baseline situation in Western Siberia is expected to decline oil production from 330 million to 180 million tons. «If there is no «green fields» — and they have also to date is limited because, in fact, already such fields are no more, which could be developed, in this case, the decrease will amount to 146 million tons,» the Minister added.

Oil production in Russia in 2017 amounted to 547 million tons.

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