Russia ’s record crude oil output last year is likely to prove a high-water mark as economic sanctions and lower prices erode investment in developing deposits needed to replace aging Soviet-era fields. The world’s largest oil producer will probably see total output flat, at best, over the next two to three years, according to analysts and forecasters including OAO Gazprombank. Others, such as the Organization of Petroleum Exporting countries, predict a decline. The prospect of stagnant oil production, which has almost doubled since the chaotic years following the collapse of the Soviet Union , will add to the chronic economic challenges confronting President Vladimir Putin ’s government including the slump in energy prices, sanctions and capital flight. It will also allow other oil-exporting nations to grab market share. Russia’s oil production will likely “be flat or see a small decline for the next two or three years,” said Julian […]