Goldman Sachs forecast a rise of Russian oil production

   349

While global oil producers are suffering a deep crisis, cutting production, Russia seems to be defying the trend. According to the Goldman Sachs forecast, Russian output will be steadily rising till 11.7 million barrels per day (b/d) in 2018 – that will be an increase of about 600,000 b/d from 2015.

“At current oil prices, Russian oils are among the few global majors that can maintain their growth plans and dividends,” reports World Oil.

Goldman supposes that the biggest Russian oil producer Rosneft will contribute to the increase of the national oil production most of all. The new projects of the company may push up the output from 470,000 b/d in 2015 to 850,000 b/d in 2018.

On the other side, Russian officials are sure that continued low oil prices will lead to a drop in the national oil production. Russian energy ministry estimates an increase of 120,000 b/d in 2016 and 100,000 b/d in 2017, which is lower than the Goldman’s forecast. The government is introducing a profit-based tax system for the oil companies to increase both government revenues and oil output by 2018.