Russia Aims to Boost Oil Production to 540 Million Tons

Russia is planning to increase its oil production to 540 million tons in the near future, according to First Deputy Energy Minister Pavel Sorokin.

"We plan to reach the level of up to 540 mln tons in the near future, both within the framework of our energy strategy (until 2050) and within the framework of cooperation with our OPEC+ partners. Naturally, with adjustments for international agreements," he said, The Caspian Post reports, citing TASS.

Russia’s oil reserves currently stand at about 31 bln tons, of which only half are profitable, Sorokin noted, adding that the country needs to make efforts, both in the field of technology and taxation, to increase the volume of profitable reserves.

According to the energy strategy until 2050, Russia is to reach an oil production volume of 540 mln tons by 2030, with output to remain at this level until 2050. At the same time, the Economic Development Ministry expects to reach this level of production two years earlier, in 2028.