MOSCOW, Oct 2 (Reuters) - Russia’s oil production is likely to remain roughly unchanged through to the end of this decade, Economy Minister Andrei Belousov said on Tuesday, adding that exports would be squeezed by rising domestic demand.
Belousov told an investor conference that he expected oil production to total 510 million tonnes in 2020, or 10.24 million barrels per day, slightly down on September’s record output of 10.41 million bpd.
Russia’s government is providing tax incentives to encourage oil firms to pump oil in remote Eastern Siberia and the far north, but this would only offset output declines at its mature fields in Western Siberia, Belousov told a VTB bank conference.
Demand for oil inside Russia - the world’s No.1 oil producer - is forecast to rise by 1.5 percent per year, Belousov said, meaning that exports to the world market would decline over time.
Russia now exports around half of its crude oil production, as well as some refined products. (Reporting by Douglas Busvine)