Riyadh predicts Russia's withdrawal from the oil market, Moscow spreads its cards


Russian Energy Minister Alexander Novak responded to the prediction of Saudi Prince Mohammed bin Salman Al Saud, according to which the Russia will disappear in the coming years of the oil market.Reacting to the Saudi prince Mohammed ben Salman Al Saud who had predicted a future disappearance of some oil exporting countries and the withdrawal of the oil market from China and Russia, Russian Energy Minister Alexander Novak recalled that Russia is a leader in the international oil industry. According to him, this will also be the case in a long-term perspective.
"Our strategy is to keep the volume of oil production at the level we have today, even with a slight increase."
Previously, Mohammed bin Salman Al Saud had suggested that "in 19 years, the production of Russia with its 10 million barrels will diminish considerably or will cease".
Its forecasts also go against other predictions concerning Russia. OPEC estimated in September, in its annual forecast World Oil Outlook (WOO) 2040, Russian extraction at 10.3 million barrels per day between 2017 and 2019, at 10.2 million barrels per day in 2035 and 10.1 million barrels a day in 2040.