Analysis of HSBC: Russia is about peak in oil production

In the coming years, the budget income from oil production in Russia will rapidly decrease, and the Government will have to find other ways to supplement the budget. Now the situation with the oil production in Russia looks good, but the reason is the change in the tax system in the industry. However, the benefits give only a temporary effect. This is opinion of the economists of the British bank HSBC, who developed their own prediction model of the Russian oil industry's development, the news agency Finmarket reports,

In recent years, the main driver of production growth was new fields, but at the same time the oil production at mature fields declined. Some of the decline in the oil production in Russia will be seen in 2014. Then a small break in the launch of new fields will take place. Russia simply has no more large fields, which could compensate for the decline in  production in the coming decades.