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Brent crude oil price exceeds $50, ruble strengthens

September 09, 2015, 12:18 UTC+3 LONDON

Oil production in Russia in 2015 could rise by 1%

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© Yegor Aleyev/TASS

LONDON, September 9. /TASS/. The cost of the futures contracts for October delivery of Brent crude oil on London's ICE trading increased by 1% to $50.02 per barrel.

Against this background, the ruble strengthened against the dollar and the euro. Thus, the dollar declined by 66 kopecks to 67.33 rubles against the ruble, the euro declined by 90 kopecks to 75.3 rubles on the Moscow Stock Exchange at the opening of trading Wednesday.

Oil production in Russia in 2015 could rise by 1%

Oil production in Russia in 2015 could rise by 1%, Russian Energy Minister Alexander Novak told journalists Wednesday.

"This year we expect to see oil production at the last year’s level, maybe with a slight growth of 1%," Novak said.

The Minister added that all oil companies are stable. "Today, of course taking into account all the challenges that the industry faced last year, it is in a difficult position. Nevertheless, our companies are stable through conducting efficient policy on reducing costs and ineffective costs, on improving productivity," he added.

Earlier Rosneft CEO Igor Sechin at the FT Commodities conference that oil production in Russia could reach up to 700 mln tonnes in the foreseeable future. Novak did not comment on the statement.

The Russian Ministry of Economic Development increased the estimate of oil production in Russia in 2015 to 530.5 mln tonnes.

Oil production in Russia by the end of 2014 amounted to 526.7 mln tonnes.

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