US and EU sanctions targeting Russia's oil industry could have a signifcant, long- term negative impact on Russian crude producers, even if the immediate and medium-term consequences appear limited, Lukoil says. “In the longer term, the damage of sanctions on the country's oil production may prove tangible. The success of the Russian industry will depend on whether Russia can create its own technologies for ofshore and unconventional oil devel- opment,” Lukoil warns in an oil market outlook to 2035, presented in Moscow by vice-president and co-owner Leonid Fedun.
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