Oil Production in Russia to Drop to 310Mln Tons by 2035

Oil production in Russia may fall to 310 million tons from the current 525 million tons by 2035 given a tougher tax regime amid low oil prices and sanctions, according to LUKoil Vice President Leonid Fedun.

SOCHI (Sputnik) — A negative outlook stipulates a drop in oil production to 310 million tons by 2035, under a moderate scenario the production will fall to 497 million tons and under a target scenario to 502 million tons, according to materials prepared by Fedun for a round-table discussion.

"Should the tax burden increase, the goal for the stabilization of [oil] production in Russian will not be achieved," the materials read.