Russia’s crude oil and condensate production could rise to more than 12 million bpd by 2035, if global demand for liquid hydrocarbons continues to grow, Russia’s second-largest oil producer, Lukoil, said in a new forecast . In the report ‘Major Trends in the Global Liquid Hydrocarbon Market to 2035,’ Lukoil has modeled three different scenarios for Russia’s opportunities and challenges in oil production in the long term. The ‘Equal Opportunities’ scenario considers that global oil and gas demand will rise and Russia can maintain an annual production level of above 600 million tons—or over 12 million bpd—for a long time, Lukoil said. The ‘Evolution’ scenario assumes a change in Russia’s current tax system to a system based on taxation of profits instead of taxation of revenue, and the Western sanctions on Russia’s oil industry remaining in place for a long time. Under this scenario, Lukoil expects Russia’s crude oil […]