VINACHEM

Russia will reach oil production of 540 million tons, as envisaged in the 2050 Energy Strategy, within several years, depending on the growth of the world market, Russian Deputy Prime Minister Alexander Novak said on Friday.

"Everything will depend on the growth of the market and on our joint actions with the OPEC countries. In general, when the market will grow. I think that it may only happen in a few years, not earlier," Novak told reporters on the sidelines of the Russian Energy Week international forum when asked when Russia's oil output will reach 540 million tons.

Oil and condensate production in Russia by the end of the year is expected at the level of 515 million tons to 521 million tons, Novak added.

"There are estimates from 515 million tons to 521 million tons," Novak told reporters.

The reduction in oil and condensate production could be between 1.7% and 2.8% compared to last year.

Russia's liquefied natural gas (LNG) exports will total approximately 35 million tons by the end of 2024.

"There are estimates, [Russia's LNG exports will amount to] approximately 35 million tons," the deputy prime minister pointed out.

Last year, LNG exports amounted to 33 million tons, so the figure will grow by about 6% in 2024.

The current decline in world oil prices is caused by media reports about prerequisites for a peaceful settlement in the Middle East, Novak noted.

"No one can predict prices ... It is influenced by various factors, including all sorts of rumors. Yesterday's decline, I think, was due to the news that some prerequisites for a peaceful settlement in the Middle East were voiced there. Therefore, prices react to these things," he said.

World oil prices plummeted on Thursday. The price of December futures for Brent crude oil finished the trading session decreasing by 2.5% to $71.09 per barrel.  

– Source: Sputnik –