Russia’s FSB chief says Islamic State holding talks on uniting with other terror groupsRussian Politics & Diplomacy April 26, 11:12
Russia urges Normandy Four to intensify efforts with Kiev — LavrovWorld April 26, 10:56
Defense minister stresses US attack on Syrian base jeopardized Russian servicemen's livesMilitary & Defense April 26, 10:37
Russian security chief: Fake news on cyberattacks used to undermine state sovereigntyRussian Politics & Diplomacy April 26, 10:26
Putin urges to join efforts in war on terrorRussian Politics & Diplomacy April 26, 10:25
Russian security chief warns external provocations may lead to war on Korean PeninsulaRussian Politics & Diplomacy April 26, 10:18
Russia takes steps in response to NATO’s activities in EuropeRussian Politics & Diplomacy April 26, 9:33
Russian-Serbian Humanitarian Center marks 5th anniversaryWorld April 26, 9:21
Six powers ready to cooperate with Iran in peaceful use of nuclear energy — diplomatRussian Politics & Diplomacy April 25, 23:40
MOSCOW, November 1. /TASS/. Goldman Sachs has raised its forecast for Russia’s oil production in 2017 from 11.4 mln barrels to 11.7 mln barrels a day, according to the bank’s report. The copy of the report has been obtained by TASS.
According to the experts of Goldman Sachs, Russia is building up production faster than they expected.
The consolidated output by Russia and OPEC countries may reach 45 mln barrels a day in 2017, if the countries of cartel and Russia agree with Saudi Arabia’s proposal to cut production by 4%, analysts said.
But they added that after the technical meeting of OPEC in Vienna last week the chances for reaching such an agreement are small.
If the agreement cannot be reached at a formal meeting of the cartel on November 30, the price of Brent crude oil may fall to $40 per barrel, they conclude.
At their technical meeting on October 28-29 OPEC members failed to work out a road map for limitation of oil production. Consultations will be continued in November.
At the same time non-OPEC members that were present at the meeting, in particular, Brazil and Kazakhstan, said there had no plans to reduce oil production in 2017.
Earlier Russian Energy Minister Alexander Novak said that Russia had not decided on whether it would to reduce production or not.
In September, Russia set a post-Soviet record for average daily oil production exceeding the mark of 11 mln barrels.