MOSCOW, Dec. 8 (UPI) -- Oil production from Russia will reach its peak within the next decade or so, followed by a gradual decline, officials said Monday.
Russian energy officials said oil production should level off at around 10.7 million barrels per day starting in 2020. Production levels should begin to decline steadily after that, the Platts news agency reported.
"The significance of the oil business in the world will start reducing after 2015 to 2020 as the world economy will switch to innovative paths of development," said Vitaly Bushuyev with the Russian Energy Ministry.
He said the Kremlin would have to take a hard look at the national economy as world oil prices were likely to fall to a level of "minimum profitability" by 2012.
Meanwhile, energy officials said production of natural gas was expected to rise from 24.7 trillion cubic feet per year in 2010 to an estimated 3.3 trillion cubic feet per year by 2030.
