Russia’s energy minister said the country expects to produce 551 million tons of crude this year, which will increase by 0.1 percent annually.
According to Alexander Novak, the Russian Energy Ministry has redefined its forecast for crude oil production, reflecting the recent OPEC and Non-OPEC decision to increase oil production, according to Platinum. The reported figure is 11.065 million barrels per day.
In a statement issued by the Energy Department, Novak said that, following the recent decision by the OPEC Group to gradually increase oil production, we revised our forecast of domestic production for the whole 2018 and increased it by about 3.5 million tons, and 551 million tons we estimate.
Russia’s energy minister said he expects oil production to increase by 0.9 percent in 2019 to 555 million tons, however, warned that the estimate may change.
Under an agreement between OPEC member states and non-OPECs, which was implemented in January 2017 and aimed at limiting supply by 1.8 million barrels per day, Russia agreed to produce its production at 11.246 million barrels per day October 2016, it will reduce the rate by 300,000 barrels per day. Given that the deal was due to be implemented by the end of 2018, Russia initially planned to maintain its annual production.
After OPEC and its partners at the June meeting decided to increase their production from the May level by one million barrels per day, Russia pledged to increase the supply to the market by 200,000 barrels per day from the beginning of this year.
The country produced 10.973 million barrels per day in May, bringing the volume to 11.063 million barrels per day in June, according to the Russian Energy Ministry’s statistics department.
Novak said in mid-January that Russian companies would return two thirds, or even 80 percent, of production cuts.
Based on the Ministry of Economic Development’s short-term economic outlook, Russian oil production will reach 11.246 million barrels per day in 2020-2020.
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