Golman Sachs predicted that Russia’s record oil production in 2018

In the next three years, oil production in Russia will continue to grow, reports Bloomberg, citing analysts at Goldman Sachs. They estimate that in 2016 the average daily volume of Russian oil production will increase to 11.21 million barrels and approximately 1.35% over the last year.

In 2017 oil production, according to Goldman Sachs forecast, will grow to 11.41 million barrels. By the end of 2018 in Russia will be every day to pump out of the ground in of 11.65 million barrels, which could not achieve even in Soviet times. Oil production in the Russian Federation peaked in 1987, when the Russian deposits were mined on a daily basis of 11.42 million barrels.

Thus, for the next three years, oil production in Russia will grow by 590 thousand barrels, with the main growth driver will be the active development of new fields of Rosneft in Eastern Siberia. The increase could be even greater, if the production is more aggressive increased NOVATEK and Tatneft, noted in the forecast of Goldman Sachs.

To increase production volumes of the Russian oil industry will help lower the cost of raw materials. Goldman Sachs experts say that the Russian field is able to generate a profit when the value extracted for their oil exceeds $10.

“We remain positive about the Russian oil industry. At current oil prices, Russian oil companies are among the few who are able to implement the growth plans and dividend payments,” — said the head of the group of analysts Goldman Sachs Geydar Mamedov.

Published in late 2015, the report called OPEC World Oil Outlook (WOO) noted that are not part of the cartel of the country in the medium term will not significantly increase oil production, as it would require a huge investment. As a result, after short-term recovery and the exhaustion of most accessible deposits production in non-OPEC countries will begin to decline.

In early July, 2016 Executive Director of the International energy Agency (IEA), Fatih Birol warned about the growing dependence of the world’s consumers of oil from oil supplies from the Middle East. According to the IEA, the share of Saudi Arabia and other middle East countries now account for 34% of all deliveries to the world market, which is the highest figure since 1975.