IEA sees Russia’s oil output falling 24% to 8.6 mln bpd by 2040

MOSCOW, Nov 14 (PRIME) -- Russia’s oil and condensate output may fall almost 24% to 8.6 million barrels a day by 2040 from 11.3 million barrels a day in 2016, the International Energy Agency (IEA) said in a research note on Tuesday.

The agency has improved the forecast by 100,000 barrels a day compared with the previous outlook, citing stability demonstrated by oil companies amid falling oil prices and Western sanctions.

By 2025, Russia’s oil and condensate output will fall 7% to 10.5 million barrels a day, the IEA said.

Russia’s gas output may increase 22.4% to 788 billion cubic meters by 2040 compared with 2016, the agency also said. By 2025, gas output is expected to grow 11.5% to 718 billion cubic meters.

Global gas output is projected to increase 46% to 5.304 trillion cubic meters by 2040.

The IEA also lowered its forecast for oil price growth by 18% to U.S. $83 per barrel by 2025 and by 11% to $111 per barrel by 2040.

Global oil demand will grow 12% to 104.9 million barrels a day by 2040 and 7% to 100.3 million barrels a day by 2025.

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