Tight Oil in the US Threatens CIS Exports: Russian Academy

Bloomberg reported that crude exports from the Commonwealth of Independent States could drop 17% by 2040 due to tight oil production in the United States, according to the Russian Academy of Sciences.

As quoted in the market news:

CIS exports will decline to 293 million metric tons in 2040 from 355 million tons in 2010, according to the academy’s base scenario. Russian crude output will fall by as much as 50 million tons annually by 2020 in the report’s “shale breakthrough” scenario, as high costs and the current tax system limit competitiveness on global energy markets.

Click here to read the full Bloomberg report.