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Oil production in Russia in 2017 projected at 2016 level — energy minister

April 11, 17:16 UTC+3 MOSCOW
Russian Energy Minister Alesander Novak said earlier that this level corresponds to the "freezing" agreement
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© Sergei Bobylev/TASS

MOSCOW, April 11. /TASS/. Russia’s Energy Ministry forecasts oil production in 2017 at the level of the current year - 537 nlm tonnes, Energy Minister Alexander Novak told journalists on Monday.

"So far, no increase - 537 mln tonnes," he said.

This year, oil production in Russia is expected to reach 537-540 mln tonnes.

Energy Minister Alesander Novak said earlier that this level corresponds to the "freezing" agreement. "As part of the discussions with the participation of the OPEC and non-member countries, total production will be maintained at a level not higher than January. On average for the year, we will have 537-540 mln tonnes of oil. But this increase does not mean exceeding the level of January, the Minister said.

According to the documents provided by the Central Control Administration of the Fuel and Energy Complex, in 2015 Russian oil producers reached a record level of crude output of 534.081 mln tonnes, a 1.4% increase compared with the previous year.

On April 17, representatives of global oil-producing countries will meet in Doha (Qatar) for discussion of oil output stabilization.

In mid-February oil ministers of Saudi Arabia, Qatar, Venezuela, and Russian Energy Minister Alexander Novak met in Doha and expressed readiness to maintain the average oil production level in 2016 at the level of January this year in case other oil-producing countries join the initiative. The majority of oil producers have confirmed their participation in Doha meeting. Russia’s Energy Ministry said over 15 states may attend the meeting. Novak said earlier a resolution on non-increase of crude output by the countries jointing the agreement compared with the January 2016 level, may be passed at the meeting.

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