Date: 9 months ago   Category: Energy

MEA: Russia in August has reduced oil production by 97 thousand barrels a day from the level of October, 2016 — Rambler News Service


Russia has reduced oil production in August, 2018 by 97 thousand barrels a day from the level of October, 2016 which is basic within the transaction with OPEC about oil production reduction, follows from the monthly report of the International Energy Agency (IEA). According to the report of MEA, production of Russia in August, 2018 has made 11,59 million barrels a day that on 10 thousand barrels a day it is less, than a month earlier. At the same time MEA considers a basic indicator of the Russian production (for October, 2016) 11,597 million barrels a day. According to arrangements with OPEC, Russia had to reduce oil production by 300 thousand barrels a day to an indicator of October, 2016 when oil production made 11,247 million barrels a day (according to the Ministry of Energy of the Russian Federation). The Energy Minister Alexander Novak noted that decrease in production by 300 thousand barrels a day has to be reached by April — May. On April 28, 2017 the Ministry of Energy of the Russian Federation has reported that Russia has achieved the stated production reduction. On June 23, 2018 the OPEC countries at a meeting in Vienna have made the decision to increase production since July 1, 2018 approximately by 1 million barrels a day — before 100 percent observance of terms of transaction. The Minister of Energy of the Russian Federation Alexander Novak explained that the share of Russia in the general increase in oil production of the countries of OPEC can make about 200 thousand barrels a day. On September 3 the current year the Energy Minister of the Russian Federation Alexander Novak has reported that following the results of July Russia has reduced oil production by 47 thousand barrels a day to an indicator of October, 2016.

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