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Russia to produce more than 550 mln tonnes of oil in 2018

Russian Energy Minister Alexander Novak added that Russia will be able to increase oil production by 170,000 barrels per day thanks to the decision of OPEC+

VIENNA, June 23. /TASS/. Oil production in Russia in 2018 could rise to more than 550 mln tonnes, taking into account the decision of OPEC+ to increase production, Russian Energy Minister Alexander Novak told reporters.

"I think it will be 550 mln tonnes," he said.

Novak added that Russia will be able to increase oil production by 170,000 barrels per day thanks to the decision of OPEC+. "Maybe 170,000, maybe 180,000 barrels per day," he said, noting that Russia is unlikely to add this volume in July, it is likely to be achieved in the Q2. "Everything will depend on how quickly they can prepare for the recovery," he said.

According to him, the Ministry of Energy will consider equal opportunities for production growth for all Russian companies. "We will continue to consider equal opportunities for all companies," Novak said.

Tags

Alexander Novak OPEC

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