Date: 4 months ago   Category: Energy

Russia increased production in November by 250 thousand barrels a day to the level of the transaction of OPEC — Rambler News Service


Oil production by Russia in November, 2018 made 11.57 million barrels a day that on 250 thousand barrels a day it is more, than in October, 2016, follows from the monthly review of OPEC. "Production of Russia in November was 11.57 million barrels a day that on 40 thousand barrels a day it is less, than last month, and on 430 thousand barrels it is more in annual terms" — it is said in the report. According to the report of the organization of November, 2016, the Russian production in October, 2016 was 11.32 million barrels a day. According to arrangements from 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, 2017. On April 28, 2017 the Ministry of Energy of the Russian Federation reported that Russia achieved the stated production reduction. At the end of November, 2016 in Vienna there took place the summit of OPEC where member countries of cartel reached the agreement on reduction of oil production on 1.2 million barrels a day — to 32.5 million barrels and also defined quotas for organization member countries. Later 11 independent producers including Russia joined the transaction. Independent producers signed the agreement on oil production reduction totally on 558 thousand barrels a day since January, 2017. The agreement came 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 was made. On November 30, 2017 the agreement was prolonged until the end of 2018. 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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