BP predicted Russian growth of oil production by 11% by 2035

By 2035 Russia will remain the world’s largest primary energy exporter and the second largest oil and gas producer, said global energy forecast from BP, published on Wednesday, January 25. The volume of liquid hydrocarbon production in Russia in 2035 will grow by more than 1 million barrels per day compared to the current figure โ€” to 12.2 million barrels, according to the forecast.

In 2016, the daily average oil production and condensate in Russia, according to CDU TEK, amounted to almost 11 million barrels, which was another post-Soviet record. In 2017, production will increase to 11.01โ€”of 11.07 million barrels a day, expects the Ministry of energy.

BP raised its forecast for the extraction of liquid hydrocarbons in Russia โ€” a year ago, in a previous version of the report Energy Outlook, the British company estimated that production in Russia “will remain stable at 11 million barrels a day,” by 2035.

However, BP lowered its forecast for Russian natural gas production by 3% compared to last year’s forecast, up to 2 billion cubic meters per day by 2035. However, gas production in Russia will still increase by 28% over this period โ€” much more than the expected growth of oil production.

Amid strong growth of oil and gas consumption in Russia will grow by only 2% by 2035 (relative to 2015), predicts BP. A year ago, the company predicted growth of 11% (compared to 2014). Energy consumption growth in Russia will be the lowest among the BRIC countries, says BP. For comparison, India’s energy consumption, according to BP forecast to increase by 129% in China and 47% in Brazil and 41% (over the next 20 years).