Russian energy ministry sees oil price rising to $95–105 by 2035

MOSCOW, Oct 18 (PRIME) -- Russia’s Energy Ministry has forecasted an oil output increase to 550–560 million tonnes and a price growth to U.S. $95–105 per barrel in its 2035 energy strategy, as follows from an amended draft strategy published on Tuesday.

Under an optimistic scenario, the output will reach 555 million tonnes in 2020 and will remain at approximately the same level throughout the rest of the forecasted period. This scenario also envisages that global oil prices will be within the $50–65 range until 2020 and then rise to $95–105 by 2030.

A conservative scenario envisages a 548 million tonne output by 2020, a 530 million tonne one by 2025, a 512 million tonne one by 2030 and a 490 million tonne one by 2035.

The ministry said it considered stress scenarios including low prices and demand for energy resources when working on the amendments to its strategy, but did not include them because it sees the probability of their fulfillment as low.

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