Russia’s oil production in 2018 could rise to more than 550 million tons, taking into account the decision by the Organization of Petroleum Exporting Countries (OPEC) to increase production, Russian Energy Minister Alexander Novak told reporters.
“I think it will be 550 million tons,” he said, according to RBC.
Novak added that Russia will be able to increase oil production by 170,000 barrels per day thanks to the joint decision with OPEC.
“Maybe 170,000, maybe 180,000 barrels per day,” he said, noting that Russia is unlikely to add this volume in July, it is likely to be achieved in the second quarter. “Everything will depend on how quickly they can prepare for the recovery,” he said.
According to him, the Ministry of Energy will consider equal opportunities for production growth for all Russian companies. “We will continue to consider equal opportunities for all companies,” Novak said.
Russia on Saturday joined an OPEC-led pledge to boost oil production in response to growing global demand, capping a week of tense diplomacy for the grouping that averted a damaging rift between arch-enemies Iran and Saudi Arabia.
Speaking after a meeting in Vienna, Russian Energy Minister Alexander Novak said the agreement would give the OPEC and non-OPEC countries cooperating in a landmark supply-cut pact the necessary “flexibility” to prevent the market overheating.
Saudi Arabia said the move would translate into a nominal output rise of around 1 million barrels per day (bpd), or 1 percent of global supply, for OPEC and non-OPEC producers.
Iraq said the real increase would be around 770,000 bpd because several countries that had suffered production declines would struggle to reach full quotas. Iran said the real increase could amount to as little as 500,000 bpd.