Russian oil production might drop by up to 10 percent due to reduced investment

Russia might reduce oil production due to low oil prices and lack of investment.

Russia might reduce oil production due to low oil prices and lack of investment.

"Our production volumes might inevitably decrease due to low [oil] prices," Deputy Prime Minister Arkady Dvorkovich said in an interview on TV channel Rossiya 24.

He said that "this is a decrease of several percent maximum."

"There are pessimistic scenarios, stress scenarios where oil production in Russia decreases by 5-10% in the next two-three years, no more. This cannot have a major impact on the situation on oil markets," Dvorkovich said.

The drop in production might be due to reduced investment in offshore projects and "other projects," Dvorkovich said.

Oil production in Russia has now stabilized at more than 500 million tonnes per year, Dvorkovich said.

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