Russia said without oil reduction next 20 years

• Ignoring Western sanctions and falling oil prices, Russia Energy Minister Alexander Novak on March 11, said Russia planned to maintain existing crude oil for the next 20 years the level of output.
  Novak told a Conference in Moscow, Russia will maintain a 525 million tons a year, or 10.5 million barrels a day of crude oil production, until 2035. Russia and Saudi Arabia, the United States, is one of the largest oil-producing country in the world. In January, Russia up to 10.71 million barrels a day of crude oil, an all-time high since the collapse of the Soviet Union.
  Due to global oversupply, organization of petroleum exporting countries (OPEC) also refused to yield to the insurance coverage, decline in oil prices over the past year in the 48%. With falling profits, markets expect oil-producing countries will begin limited production. According to the United States Government report released Monday, and in April, the United States oil shale production will grow at the slowest in more than four years.
  Novak also said at the meeting: now we do not make production assumptions. As you know, our mission and the plan is to maintain steady at 525 million tons of annual production. In the current set of policies, we assume that the annual output of 525 million barrels a day.
  He said that Russia will continue consultations with OPEC oil output, in Vienna in June this year to explore oil-shale mining on issues such as the impact of the global oil market.
  Russia Government estimates, due to low oil prices and sanctions in Europe and America-bashing, Russia this year would contract by 3%. Last March will be merged into the homeland in Crimea and alleged Ukraine related to the chaos in the East, Russia suffered the United States and European Union sanctions.
  Those sanctions include a ban Russia oil company financing in the European and American bond markets, and Russia banned exports of equipment and technology to help its mining crude oil in geology and a hard place, as well as to the mining areas in the Arctic offshore resources. However, Novak said that output will grow in these areas.
  Fitch Ratings said in a report released Wednesday, oil is $ 55/barrel case, Russia energy companies can adhere to a few years, but on access to credit as they face greater risks.
  Fitch Senior Director Maxim Edelson told Bloomberg News: sanctions cut off from Russia for oil and gas enterprises access to Western capital markets, if the financing is not improved and export restrictions remain, they may not be able to carry out investments needed to maintain yields.
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