Russia's 2008 oil output to show 0.6-1.2% fall - energy minister
Russia's oil output will show a 0.6-1.2% year-on-year decline in 2008 and total 485-488 million metric tons (9.7-9.8 million barrels per day) by yearend, Energy Minister Sergei Shmatko said on Wednesday according to RIA Novosti.
Russia, which accounts for over 10% of global oil output, produced 490.7 million metric tons (9.9 million barrels per day or 3.6 billion barrels a year) in 2007, according to the State Statistics Service.
Meanwhile, Russian Deputy Prime Minister Igor Sechin said it was difficult to forecast Russia's oil output in 2009 amid declining world oil prices and the global financial crisis.
"I would not rush to make a forecast: we'll take into account the current situation and in the event of a dramatic fall in prices, [oil] companies will have to cut output," Sechin said.
At an extraordinary meeting of the Organization of Petroleum Exporting Countries (OPEC) in Algeria on Wednesday, the world oil cartel announced plans to cut daily crude output by 2 million barrels to prevent further declines in oil prices amid reduced demand for fuel.
Russia, which attended the summit, announced that it could cut oil output by 320,000 barrels per day in 2009 if current world oil prices persisted.
"If the current level of world oil prices persists, the Russian oil sector will be forced next year to cut oil supplies by 320,000 bpd and also reduce investment, which could also eventually lead to more radical output cuts," Sechin said.