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It would increase by about 3.5 million tons from its previous forecast
Russian oil production will increase this year to 551 million tons (11.02 million barrels per day), a new maximum of 30 years and about 3.5 million tons above its previous expectations, the Minister of Energy Alexander Novak said Wednesday.
According to him, Russia will further increase its pumping in 2019, to 555 million tons, after the Organization of Petroleum Producing Countries (OPEC) and other producers led by Moscow agreed last month to reduce the limits of extraction.
Novak indicated that these projections were preliminary. "A lot will depend on the dynamics of the market and the need to adjust our actions," he said, according to his ministry.
Russian oil production reached a new average annual high in 30 years, up to 10.98 million bpd, despite the country's participation in a global pact of supply reduction led by 39; OPEC.
The agreement on cuts in supply allowed this barrel to rise to nearly $ 80 in May.
The Brent benchmark is currently running around $ 74 per barrel, far from the $ 60 that President Vladimir Putin considers acceptable for Russia.
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