Russian oil production may slump 14 percent in the next five to ten years under a worst case scenario prepared by the Energy Ministry. Crude output may drop to 460 million metric tons (9.2 million barrels a day) by 2020-2025 from 534 million tons last year, before starting to show a slight growth, the Energy Ministry’s press service said by e-mail Thursday, in response to a report in Vedomosti newspaper. The worst case, prepared for the nation’s long-term energy strategy, envisages oil prices remaining at about $31 to $33 a barrel in 2016-2017 with a rebound to $42 in 2020, it said. The scenario assumes demand in China and other Asian nations slows on faltering economic growth, Middle East countries boost cheap supplies and the U.S. increases shale output, while other countries pump more oil after currency devaluations cut production costs, the ministry said. Vedomosti reported Thursday that a […]