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Russia sees 10mbpd oil output by 2008
MOSCOW — Russia’s Economic Ministry yesterday reiterated its optimistic forecast for oil output growth, saying production should reach 10 million barrels per day in 2008 despite a big slowdown in growth over the past year.
The ministry said in its macro-economic report it expected the world’s second largest oil exporter to produce between 9.64 and 9.78 million bpd in 2006, 9.80-9.94 million bpd in 2007, rising to 9.94-10.10 million bpd in 2008.
Russia has boosted oil output by over 50 per cent since 1999 to the current level of over 9.4 million bpd.
Output grew by 9 per cent in 2004 and by a record 11 per cent in 2003, but the growth has slowed to a mere 3 per cent in the first half of 2005.
Many experts link the stagnation in production to multiple factors such as the Kremlin-inspired demise of oil major Yukos and high taxes.
But the report said growth should resume, encouraged by record global oil prices.
It also reiterated the oil production forecast of 474 million tonnes (9.52 million bpd) for 2005, which many experts say is no longer feasible since production in January-July averaged only 9.35 million bpd.
Crude oil exports, which stand at over 5.5 million bpd, should also increase with the construction of new pipelines and reach up to 5.9 million bpd in 2008, the report said.
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