Date: 7 months ago   Category: Energy

MEA: Russia in October increased oil production by 193 thousand barrels a day to the level of the transaction of OPEC — Rambler News Service


Russia increased oil production in October, 2018 by 193 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 October, 2018 was 11.79 million barrels a day that on 40 thousand barrels a day it is more, 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 reported that Russia achieved the stated production reduction. On June 23, 2018 the OPEC countries at a meeting in Vienna 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.

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