From 2014 to 2020 oil production in Russia will decrease by 560,000 barrels a day to 10.4 million barrels a day, reads the report of the International Energy Agency (IEA).
During 2014 oil production in Russia totaled 10.9 million barrels a day. IEA expected earlier that by 2020 oil production in Russia will go up by 200,000 barrels a day.
The gas condensate production will increase in parallel with growth of natural gas production, In 2020 the volume of gas condensate production will total in average 975,000 barrels a day.
IEA mentioned influence of the economic situation on the demand in the country and forecasts that demand in oil in Russia will increase by in average 0.5% a year during the forecast period.
