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Russia’s oil reserves sufficient to produce 600 mln tonnes per year

December 14, 2016, 17:17 UTC+3 MOSCOW

Earlier Russia’s Energy Minister Alexander Novak said that the country’s oil production would reach 548 mln tonnes in 2017

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MOSCOW, December 14. /TASS/. Russia’s crude oil reserves are sufficient to increase annual production to 600 mln tonnes in the nearest years, general director of Russia's State Commission on Mineral Reserves (GKZ) Igor Shpurov said Wednesday.

"As for oil production today’s reserves are sufficient for getting to the (output) level of 600 mln tonnes within the next several years," he said.

Earlier Russia’s Energy Minister Alexander Novak said that the country’s oil production would reach 548 mln tonnes in 2017.

In 2015, average daily production amounted to 10.726 mln barrels of oil and gas condensate. The total production exceeded 534 mln tonnes last year, a 1.4% increase compared with 2014.

According to Deputy Energy Minister Kirill Molodtsov, Russia’s oil production will be around 540-545 mln tonnes this year.

On December 10, OPEC and non-OPEC countries signed the agreement on joint reduction of oil output at a meeting in Vienna on December 10. Also, 11 countries will join the announced cut by OPEC members of 1.164 mln barrels per day in the first half of next year, and reduce production by another 558,000 barrels per day. Thus, the total crude oil production cut will amount to 1.7-1.8 mln barrels per day. Russia plans to cut its oil production by 300,000 barrels per day in the first half of next year.

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