Investment in Russian Oil Industry to Lower by 20% in 2020 Compared to 2019 – Novak

MOSCOW, September 2- Investment in Russian oil industry will decrease by 20 percent in 2020 compared to 2019, Energy Minister Alexander Novak said Wednesday. The Energy Ministry is expecting an average decrease of up to 20 percent, “Novak said. Without the OPEC+ agreement, oil could cost $10-20 per barrel, rather than $45, the minister said.

MOSCOW, September 2 (Sputnik) – Investment in Russian oil industry will decrease by 20 percent in 2020 compared to 2019, Energy Minister Alexander Novak said Wednesday.

“Last year, the investment was about 1.4 trillion [$18,9Bln] this year, we are seeing it decrease and it may decrease even further although not by much. The Energy Ministry is expecting an average decrease of up to 20 percent,” Novak said.

Oil output will reduce by 10 percent to about 510 tonnes. In August-December, there will be a 13.8 percent decrease. compared to plan, Novak said, adding that in May and June, the decrease amounted to 19 percent.

Without the OPEC+ agreement, oil could cost $10-20 per barrel, rather than $45, the minister said.

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