Russian ministry can revise oil output, export forecast for 2017

MOSCOW, Jan 18 (PRIME) -- Russia’s Energy Ministry can revise its forecast for oil production and exports in 2017 if oil prices remain below U.S. $50 per barrel for a long period, Minister Alexander Novak told PRIME on January 16.

“Everything will depend on market conditions, current prices. I can say that the forecast, which was set aside for next year, implied an oil price of $50 per barrel and no reduction of production and exports. If the price remains lower for a long time, we will most likely have to revise the forecasts, but this will depend on companies’ information,” he said.

In 2015, Russia produced 534 million tonnes of oil and exported 241 million tonnes. The Energy Ministry expects that oil output will remain flat in 2016, while exports can slightly increase. The ministry’s conservative forecast for 2017 implies oil production at 527 million tonnes.

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