Russia sees oil output slump 14% in worst case

Moscow

RUSSIAN oil production may slump 14 per cent in the next five to 10 years under a worst-case scenario prepared by the Energy Ministry.

Crude output may drop to 460 million tonnes (9.2 million barrels a day) by 2020-2025 from 534 million tonnes last year, before starting to show slight growth, the Energy Ministry's press service said on Thursday, in response to a report in Vedomosti newspaper. The worst case, prepared for the nation's long-term energy strategy, envisages oil prices remaining at about US$31 to US$33 a barrel in 2016-2017 with a rebound to US$42 in 2020, it said.