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Thursday November 11, 06:07
Russia oil exports nears its peak: OGIU chief

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Russia oil exports nears its peak: OGIU chief (by Peter Van Bruggen)

The world’s No.2 oil producer may reduce its oil exports within 2 years, Russia’s Oil and Gas Industrialists’ Union head was quoted as saying.

A former energy minister Yuri Shafranik said Tuesday Russia oil exports will decline in some two-three years, according to Interfax.

"Oil production has almost peaked, and further growth is only possible if price trends are good, so exports will be automatically restricted two years from now," he said. “We are currently producing almost the maximum amount of oil possible. Further growth can happen only if the prices continue to rise, but Russia’s production and subsequent export will be automatically limited in two years’ time.”

The estimate was made by the International Energy Agency is still doubted as Russia still has a number of unexplored oil deposits to continue production for a while longer.


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