Date: 7 months ago   Category: Energy

The OPEC has reported about record oil production in Russia in October — Rambler News Service


Photo: Victor of Drachev/TASS Oil production by Russia in October, 2018 has made 11,6 million barrels a day that on 280 thousand barrels a day it is more, than in October, 2016, follows from the monthly review of OPEC. "Russia has set a new Post-Soviet record on oil production, having increased it by 50 thousand barrels a day in comparison with previous month — up to 11,6 million barrels a day" — it is said in the report. According to the report of the organization of November, 2016, the Russian production in October, 2016 made 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 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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