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Russia to remain global oil industry leader in long term — Energy Minister

Russia will remain the global oil industry leader over the long term, Energy Minister Alexander Novak told reporters.

“Russia is currently the leader of the global oil industry and will remain as such on a long-term horizon. Our strategy provides for maintaining oil production at the current level, even with a small increase,” the minister said.

Nevertheless, Russia needs to undertake incentivizing measures currently discussed by the government to maintain oil production, Novak added.

Russia can produce 551-555 mln tonnes of oil in 2018, the minister said earlier.
Source: TASS

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