Russia's economic development ministry forecasts a fairly bleak future for the oil sector in the next few years. Output will grow this year, but falls in 2019, with new fields in Timan- Pechora and east Siberia unable to offset brownfield decline, and the negative effects of US and EU sanctions on Russia's Arctic and shale projects, which deprive companies of technology, expertise and equipment. Crude production is forecast at 538mn t (10.73mn b/d) this year, up by just 0.4pc from 2015, before dropping to 532mn t in 2019.
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