OpeOluwani Akintayo
27 October 2017, Sweetcrude, Lagos – Russia’s Energy Minister, Alexander Novak has said the country will boost crude oil output by 3.5-4.0 million tonnes in 2018 if a global deal between the Organisation of the Petroleum Exporting Countries, OPEC and non-OPEC producers to reduce production is not extended.
OPEC/Non-OPEC producers agreed to reduce output by 1.8 million barrels a day until March 2018.
“We will now make our forecasts within a range of a possible (output) increase from today’s level, if there is no (extended) deal (with OPEC),” he said.
When asked about the scale of any increase, he said it would be within the range of 3.5 million to 4.0 million tonnes.
Russia’s oil output is officially forecast at 547 million tonnes this year and 2018.
On whether the country would stick with the forecast if the global oil output deal is extended, Novak replied: “Yes.”
In September, the country’s output was at 10.91mbp/d.
Russia’s August and September oil production level was the lowest since the 10.71 million bpd it produced in August 2016.
The daily oil production in September 2017 was down by 3 percent compared to the October 2016 levels.
