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    Russia’s Oil Output Strategy Until 2035 to Remain Unchanged

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    Russia has no plans to cut oil output until 2035, Energy Ministry's head said Thursday.

    SINGAPORE, December 2 (Sputnik) — The Russian Ministry of Energy is planning to maintain its current oil output level up to 2035, head of the Russian Energy Ministry's oil and gas production and transportation department Alexander Gladkov said Tuesday.

    "We envisage maintaining the stable [oil] output by means of both involving new fields and sustaining the mature ones," Gladkov said, presenting the program of Russia's oil and gas industry development at the 20th Offshore South East Asia Conference and Exhibition (OSEA 2014) in Singapore.

    According to Gladkov, Russia's oil output is expected to reach 526 million metric tons, and gas production will amount to 650 billion cubic meters for 2014.

    Since June, prices for crude oil, which makes up a significant part of Russia's budget revenues, have fallen by some 30 percent.

    On November 27, the members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to maintain oil extraction at current levels during a meeting in Vienna, despite the falling oil prices on the global market.

    The OSEA 2014 is taking place at Singapore's Marina Bay Sands on December 2-5. It is expected to host more than 1,600 exhibitors and 28,000 trade attendees from 45 countries.

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    oil prices, oil exploration, oil, Russian Energy Ministry, Alexander Gladkov, Russia
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