MOSCOW, Nov 13 (PRIME) -- The International Energy Agency (IEA) has raised its forecast for Russia’s oil and gas condensate production until 2040 by 800,000 barrels per day to 9.4 million barrels, which is still 17.5% lower than production in 2017, according to the World Energy Outlook 2018, seen by PRIME on Tuesday.
The IEA said that the decline can take place due to the difficulties in development of hard-to-recover oil and remote deposits, including in the Arctic. Possible retention of the sanctions can also take its toll on the production amount.
The agency said that in the medium term, by 2025, oil and condensate production is forecasted to grow by 0.9% to 11.5 million barrels.
The oil price was forecasted at U.S. $88 in 2025 and at $112 in 2040.
Russia will remain the key gas supplier to the E.U. at least until 2040 although demand is forecasted to fall by 16.4% from the level of 2017 to 408 billion cubic meters by 2040. Russia’s influence will likely weaken due to higher integration on the European market and access to more fuel sources.
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