A top executive at Russia’s largest private oil company is predicting a rough couple of years for the country’s crude production. Leonid Fedun, the vice president and second largest shareholder of Lukoil, said that a combination of Western sanctions and low oil prices will force an eight percent drop in Russia’s oil output over the next two years. Reuters reports:
[Leonid Fedun] said he expected production of oil, Russia’s key export commodity, to fall. “Everyone will reduce production because everyone is reducing drilling,” Fedun said.
The estimate is one of the most pessimistic yet by a Russian oil executive since the …read more
Source: The American Interest
