In the long-term perspective, oil production in the Arctic to be less than it is expected

In 20 years, oil production on the Arctic shelf will be below the expectations of some experts, the International Energy Agency (IEA) believes.

"Although they expect much from the Arctic resources, IEA’s forecasts on the oil production in the Arctic remain modest - 0.11 million barrels per day, 1.1% of the total production by 2035," - the report, prepared by IEA’s experts together with the Russian Ministry of Energy, says.

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