REUTERS
Oil production in Russia will grow to 528 million tonnes in 2018 from 526 million in 2014, but at the same time Russia's share in the world production of raw materials will drop to 10.8% from 11.3%, according to the forecast of the Ministry of Economic Development of the Russian Federation for the next three years.
Russia's share in world oil consumption will drop to 2.6% by 2018 from 3% in 2014, according to the ministry, Reuters has reported.
According to the forecast, the volume of crude oil produced in the U.S. will grow to 807.9 million tonnes in 2018 from 698.9 million tonnes in 2014, increasing the county's share in global production to 16.5% by 2018 from 15.1% in 2014. The U.S. share of world oil consumption will increase to 3.6% by 2018 from 0.8% in 2014.
Read alsoRussia admits doomsday scenario of $20 per barrelIn general, in 2014-2018, the annual global oil production will increase by 5.4% to 4.892 billion tonnes, while global consumption will increase by 6.8% to 4.910 billion tonnes, the forecast said.
Ministry of Economic Development predicts growth of global oil prices to $55 per barrel in 2018 ($52 in 2017) after $50 per barrel in 2016 due to the growth of the world economy.
"At the same time, there is a high probability of a more positive price dynamics forming, under the influence of an increase in demand and the large-scale disposal of unprofitable assets in a period of low oil prices," the ministry said.
Read alsoRussian air links with outside world diminish significantly: BloombergThe forecast of the Ministry of Economic Development is based on information of Energy Information Administration (EIA), Cambridge Energy Research Associates (IHS CERA), as well as its own data.