Moscow: First Deputy Chairman of the State Duma Committee on Energy, Igor Anansky, stated that there are no prerequisites for Russia's withdrawal from the oil market after two decades.
This is reported by a number of Russian news agencies, whose journalists decided to take a comment from the State Duma deputy from the relevant energy committee on the recent forecast of the Crown Prince of Saudi Arabia about the foreseeable future of the production and sale of petroleum products in the world.
We recall that yesterday the Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud in an interview with Bloomberg said that by 2030 a number of oil-producing countries, including Russia, would almost completely, if not completely, stop oil production and leave the market. After 19 years, oil production "in Russia with its 10 million barrels will be greatly reduced, if it does not disappear altogether," the heir to the Arabian throne predicted.
“This is a sweet dream of a prince because there are no prerequisites for the Russian Federation to leave the oil market. Stocks allow companies to actively invest in development. Therefore, here, apart from the sweet dream of his desire, so that it is, nothing else can be said,” the State Duma member responded.
According to the baseline scenario of the World Energy Outlook 2017 annual forecast of the International Energy Agency (IEA) presented in November 2017, the less pessimistic (than the prince's) baseline oil and condensate production in Russia by 2040 could drop by almost 24% to 8.6 million barrels per day compared with the 2016 level of 11.3 million barrels per day.