US oil major Exxon Mobil's Sakhalin-1 project will cut oil output sharply this year
Sakhalin-1 oil project will cut oil output sharply this year amid a gloomy outlook for Russia's overall production this year due to stagnation in West Siberia, Russian company Rosneft said.
Rosneft's head of Sakhalin projects lev Brodsky said that the production has declined in comparison to the last year.
Sakhalin-1, which reported peak production of 250,000 barrels per day early last year, will cut annual average production by over 25 percent this year, because the field is getting depleted.
Russia, the world's second-largest oil exporter, increased output by 2.3 percent last year to 9.87 million bpd with the growth coming mainly on the back of higher Sakhalin-1 production.