Russia sees oil output slipping in 2015

摘要

Moscow—Russia is forecasting a drop in annual oil output for the first time as the country continues to grapple with a severe economic slump due to weak oil prices and the impact of ongoing US and EU sanctions. Revising its 2015 production outlook, the energy ministry on Monday said it now expects crude output to slip 0.6% on the year to 523.5 million mt, or 10.513 million b/d, in 2015. The update marks the first recognition by the ministry that output will likely drop this year after repeatedly maintaining that crude production would remain flat in 2015.