Russia's Oil Output To Increase By 0.4% To 549 Mln Tonnes In 2018 - Ministry

Mohammad Ali (@ChaudhryMAli88) Published April 22, 2019 | 08:09 PM

Russia's oil production is expected to grow by 0.4 percent in 2019 to 558 million tonnes compared to 555.7 million tonnes produced in 2018, the Russian Economic Development Ministry said in a forecast released on Monday

MOSCOW (UrduPoint News / Sputnik - 22nd April, 2019) Russia's oil production is expected to grow by 0.4 percent in 2019 to 558 million tonnes compared to 555.7 million tonnes produced in 2018, the Russian Economic Development Ministry said in a forecast released on Monday.

According to the ministry, Russia's oil output is estimated to amount to 560 million tonnes by 2022 and 557 million tonnes by 2024.

The ministry noted that during the forecast period one of the main factors for the development of the industry will be the depletion of economic and cost efficient reserves in the mining regions with a developed infrastructure, such as Western Siberia, Ural, the Volga Region.

One more factor is a compensation of losses due to an increase in the oil extraction rate at mature fields and expansion of drilling areas. In addition, the introduction of new technologies and the the launch of new fields located in remote regions with difficult conditions for the development will affect the industry.