Date: 4 months ago   Category: Energy

Oil production in Russia in September has made 11,356 million barrels a day — Rambler News Service


Oil production in Russia in September, 2018 has made 11,356 million barrels a day, Bloomberg reports. According to the agency, oil production in Russia has grown by 4,1% to an indicator of September, 2017. Thus, in September production of Russia on 109 thousand barrels a day has exceeded the level of October, 2016 which is basic within the agreement with OPEC on reduction of level of oil production. 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). On April 28, 2017 the Ministry of Energy of the Russian Federation has reported that Russia has achieved the stated production reduction. At the end of November, 2016 in Vienna there has taken place the summit of OPEC where member countries of cartel have reached the agreement on reduction of oil production on 1,2 million barrels a day — to 32,5 million barrels and also have defined quotas for organization member countries. Later 11 independent producers including Russia have joined the transaction. Independent producers have signed the agreement on oil production reduction totally on 558 thousand barrels a day since January, 2017. The agreement has come into force on January 1, 2017 and half a year worked. On May 25, 2017 at another meeting of the countries of OPEC and independent producers the decision to prolong operation of the agreement for nine months — until the end of the I quarter 2018 has been made. On November 30, 2017 the agreement has been prolonged until the end of 2018. 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.

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