HOUSTON (Sputnik) — The International Energy Agency (IEA) expects that Russia will cut oil production by 275,000 barrels per day by 2021 as a result of low oil prices, IEA Executive Director Fatih Birol told Sputnik on Monday.
“We expect 275,000 barrels per day decline in Russia compared to current levels in Russian production in 2021,” Birol stated. “The impact of low oil prices and cutting CapEx [capital expenditure] in Russia mean that we expect lower production levels in Russia with the current policies in 2021 compared to today.”
