Russia: A reduction in oil production can start in 2015

Oil production in Russia stagnates, and this year its growth can be zero, and next year it can even start falling, the Vice President of Lukoil, L. Fedun forecasts. The analysts think that the reason is the failure of the forecasts about a number of the Yamal and East Siberian projects. Besides from that, production will be constrained by the Western sanctions limiting the oil and gas equipment supplies.

Production in Lukoil is well. According to the accounting for Q2 2014 published on August 29th, thedaily trade hydrocarbons yield increased by 5.5% to 2.313 million barrels in oil equivalent, and liquid hydrocarbons yield increased by 7.2% to 2 million barrels in oil equivalent.

Mr. Fedun claims that favorable statistics is partially explained by the international projects, in particular, the launch of the new capacities in the Iraqi Western Kurna. Besides from that, the growth in production in Povolzhye and Timano-Pechora compensated the fall in oil production in Western Siberia.