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Russia’s oil production in November to stay at October’s level - energy minister

According to Novak, Russia has slightly cut its oil output in November on the previous month, by about 10,000 barrels a day

ABU DHABI, November 11. /TASS/. Russia’s oil production in November 2018 will be at about October’s level, Russian Energy Minister Alexander Novak said on Sunday.

"The situation is unlikely to change," he told journalists when asked whether Russia is going to keep oil output in November at the level of the previous month.

According to Novak, Russia has slightly cut its oil output in November on the previous month, by about 10,000 barrels a day.

According to official statistics, Russia’s oil production in October went up by 0.5%, to reach 1.557 million tonnes a day, on the backdrop of the OPEC+ decision to resume production. In barrel denomination under the 7.33 coefficient, Russia’s production in October was 11.4 million barrels a day. In October 2016, the starting point for production cuts of 300,000 barrels a day, oil output was 11.247 million barrels a day. Thus, in October 2018 Russia surpassed the output maximum of two years ago.

Russia has been increasing oil production since March, active steps in this direction have been taken since June. Thus, since the beginning of the year, Russia’s oil production has gone up by 2.9% (it was 1.512 million tonnes a day back then).

The current oil cut deal has been in effect since January 2017 till the end of the current year and envisages production cuts by 1.8 barrels a day on October 2016. However following production decrease in a number of OPEC+ nations, such as Venezuela, Mexico and others, agreements were implemented by 150% That is why, it was decided to increase production by one million barrels a day from July to bring the performance level back to 100% In October, it was 104%

Ahead of Sunday’s OPEC+ ministerial meeting, the OPEC+ technical committee looked at various scenarios of possible developments on the oil market, including a possible oversupply in 2019 on the backdrop of increased supplies from the United States.

The ministerial monitoring committee heard expert reports. The final decision however will be taken at a ministerial meeting in Vienna on December 6-7.

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Alexander Novak

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