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Russia plans to increase oil exports in 2017

Much will depend on how the agreement on oil production cut made by Russia with OPEC countries and 10 non-OPEC members will be implemented, according to deputy energy minister

MOSCOW, December 26. /TASS/. Russian oil producers plan to increase exports next year, Deputy Energy Minister Kirill Molodtsov said Monday.

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Central Bank Chief says OPEC deal makes scenario with oil price growth more feasible

"This year we plan (to export) around 253.5 (mln tonnes of oil), which is a 4.8% increase compared with 2015. In 2017, there will be an increase," he said.

According to Molodstov, the country’s pipeline system allows to boost crude exports, though much will depend on how the agreement on oil production cut made by Russia with OPEC countries and 10 non-OPEC members will be implemented.

Russian crude producers plan will reduce oil refinery by 2.5% in 2017 to 270 mln tonnes, Molodtsov said, adding that the reduction is related to increased oil refining depth.

"Taking into consideration the fact that this year’s oil production will stand at 547.2-547.5 mln tonnes, refinery will be 277 mln tonnes as expected in 2016, which is an around 2% decrease (versus 2015 - TASS). I think that next year refinery may drop to 270 mln tonnes, which will be mainly related to increased refining depth," he said.

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