Date: 2 months ago   Category: Energy

The Saudi prince has predicted withdrawal of Russia and China from the market of oil by 2030 — Rambler News Service


The crown prince of Saudi Arabia Mohammed bin Salman Al Saod in an interview of Bloomberg has expressed opinion that by 2030 a number of the countries extracting oil, in particular Russia and China, will leave the world market. "Demand for oil till 2030 will grow at rates approximately for 1-1,5%. Some think that after this term he will begin to be slowed down, but we consider that many manufacturing countries will just disappear by this time" — the prince has told. According to him, China will sharply reduce production if doesn't disappear from the market in 5 years at all. And Russia in 19 years will strongly reduce production of oil from her 10 million barrels of oil a day. Earlier the Russian President Vladimir Putin has said that Russia can increase oil production by 200-300 thousand barrels a day in case there is such need. On June 23, 2018 the OPEC countries at a meeting in Vienna have made the decision to increase production since July 1, 2018 approximately by 1 million barrels a day — before 100 percent observance of terms of transaction. The Minister of Energy of the Russian Federation Alexander Novak explained that the share of Russia in the general increase in oil production of the countries of OPEC can make about 200 thousand barrels a day.

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