Given the impact of sanctions, low prices and the absence of any large projects expected to come online, oil production in Russia will drop in 2015 by 70,000 barrels a day, according to a report from the Organization of the Petroleum Exporting Countries. At the same time, production at Bashneft’s Arctic fields in the Nenets Autonomous Okrug is going up. Though Russia plans to maintain production above 10 million barrels a day, it may fall in the coming years if oil prices remain around $50 a barrel for an extended period of time, OPEC said in a monthly report released on Monday. Production is estimated to fall by 70,000 barrels a day, while oil exports will drop by 60,000 barrels a day, according to the report, TASS writes. At the same time, some companies like Bashneft have continued to see steady growth in their output, with production increasing by 15.1 percent on the […]