Deputy PM: Russia to reach 540M tons oil output not earlier than in several years

Russia may reach oil production of 540 million tons not earlier than within several years depending on the state of the market, Deputy Prime Minister Alexander Novak told journalists, Report informs via TASS.

"Everything will depend on the market growth and our joint actions with OPEC countries," he said on the sidelines of the Russian Energy Week. "Overall, [production will grow] when the market grows. I don’t think it will happen earlier than within several years," the official added.

First Deputy Energy Minister Pavel Sorokin said earlier that Russia planned to produce 540 million tons of oil by 2050, adding though that it would coordinate output levels with OPEC+, with no target of flooding the market with oil.

According to the energy strategy scenario obtained by TASS, Russia’s oil production may remain at 540 million tons per year by 2050. The document is currently being negotiated with participants of the sector and at the level of agencies, with its approval expected by the end of the year.

The seventh international forum Russian Energy Week (REW) is organized by the Roscongress Foundation with the support of the Russian Government, the Russian Energy Ministry and the Moscow Government.