Date: 4 months ago   Category: Energy

The Ministry of Energy expects oil production in Russia in September higher than the level of August — Rambler News Service


The Ministry of Energy expects oil production in Russia in September, 2018 higher than the level of August of the current year, the Minister of Energy of the Russian Federation Alexander Novak has told journalists. "Production will be about slightly higher than the level of August" — the minister has told, answering an appropriate question. He has added that Russia has an additional potential of growth of oil production now, but further increase in production will depend on a situation in the market. 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. 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 August 1 the current year Novak has reported that following the results of July Russia has reduced oil production by 40,54 thousand barrels a day to an indicator of October, 2016. On September 3 he has reported that following the results of August Russia has reduced oil production by 47 thousand barrels a day to an indicator of October, 2016.

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