MOSCOW: Russia could increase oil production to up to 551 million tonnes, or 11.07 million barrels per day, next year, depending on how smoothly a global output cut agreement is wound down, Alexei Texler, Russian first deputy energy minister, said. “My forecast for next year – 547-551 million tonnes – depends on how smooth the exit from the agreement is,” Texler told Reuters in an interview. This year, Russian oil production is expected to be 547 million tonnes, he said.
Russia and 10 other non-OPEC nations agreed last December to join OPEC’s output cuts for the first time in 15 years. Last week, OPEC and non-OPEC countries agreed to extend cuts by a further nine months to March 2018. Russia has cut production by 300,000 barrels per day under the deal.
