Russia’s oil production could peak as early as in 2021 due to high taxes and costs, provided there are no benefits for exploration or tax incentives introduced, Russian Energy Minister Alexander Novak said on Tuesday. Russia’s oil production is expected to average around 553 million tons this year, or 11.105 million bpd , Interfax news agency quoted Novak as saying at a government meeting on incentives to boost Russia’s oil industry. By 2021, Russia’s oil production will rise to 570 million tons, which, without more benefits and lower taxes, could be the peak oil production, Novak warned. If current production trends continue, and if Russia doesn’t do anything to further stimulate oil exploration and new field development, after 2021, production may start to fall and reach just 310 million tons by 2035, that is, Russia’s oil production could drop by 44 percent by then, Novak said, as quoted by […]