OPEC expects growth of oil production in Russia in 2nd half of 2018


July 11, Fineko/abc.az. OPEC expects that in the 2nd half of the year Russia will increase oil production by 150,000 bpd up to 11.13 million bpd.

The Cartel’s monthly report says that oil production in Russia for May reached 11.15 million bpd that corresponds to previous month’s index. According to preliminary data, production in Russia for June increased by 90,000 bpd up to 11.24 million bpd.

In 2019, OPEC expects growth of oil production in Russia due to the development of new fields. Annual growth of oil production in Russia may amount to 20,000 bpd.

On 23 June in Vienna, OPEC and non-OPEC countries agreed on an increase in oil production by 1 million bpd before reaching 100% fulfillment of previously undertaken obligations on limitation of oil production. Russian Energy Minister Alexander Novak noted that Russia's share could reach 200,000 bpd in the total increase of oil production by the end of 2018. At that, this volume is not a final level, it may vary depending on the rate of oil production of other participants in the OPEC+ deal.