In 2014, Russia will reduce oil exports by 4-4.5%

In 2014, Russia will reduce oil exports by 4-4.5%, the Minister of Energy A. Novak claims in the interview to Die Welt and published in a few other German newspapers.

According to the export schedule agreed by the Ministry, Russia is going to reduce oil exports and transit to far abroad to 50.17 million tons in Q4 versus Q3, or by 6.2% a day.

Mr. Novak forecast that international oil price will remain $100 per barrel until the end of 2014. Now the price is lower but it’s no tragedy in his opinion. He does not see any external factors that could lower the oil price to $90 per barrel.

The Ministry of Economic Development reduced its forecasts on oil exports for the coming years. They await the decline by 4% in 2015, by 6% in 2016 and by 8% in 2017 in comparison to the level built to the active law about the federal budget for 2014-2016 and the project of the budget strategy until 2017.