Russia predicted “oil limit”

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Photo: RIA Novosti

Peak oil production of 11.7 million barrels per day Russia will reach in 2021, and then by 2023 the volume will drop to 11.57 million barrels. This forecast gives the International energy Agency (IEA), reports TASS.

The United States will overtake Russia this indicator in 2018. According to the forecast, the risk of reduction of volumes of extraction continues, “if companies lack the technology and investment for the next generation of projects, and the government will not be able to continue with more extensive tax reform to stimulate investment in the sector.”

The Agency notes that the development of new projects will be possible through cooperation of Russia with foreign partners. In particular, possible investments from Asia and the Middle East.

World oil production by 2023 will grow to 6.4 million barrels per day to 107 million barrels. Global oil demand will increase in five years is 5.5 percent, reaching the level of 104,7 million barrels — half of this demand will ensure China and India.

However, the growth rate of demand will fall by 2023, due to the fact that both India and China replace oil more environmentally friendly energy.

The IEA said that rising demand for oil over the next five years, the sharper will be a question on the resumption of investment in mining. Investment decreased by 50 percent in 2014 — after that, production in such countries as China, Venezuela and Mexico fell. In Venezuela, in particular, production has halved over the last 20 years. Those projects that invested money, mainly concentrated in shale production in the United States.

Video, photo All from Russia.



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