Russia reduces oil production

Россия снижает добычу нефти

Crude oil production began to decline

By the end of the month in Russia are planning to reach the level of production of 50 thousand barrels per day. This level of oil production was stipulated in the agreement OPEC+.

Russia has begun to reduce oil production under OPEC agreement+. On Friday, January 11, Minister of energy of Russia Alexander Novak, RIA Novosti reported.

According to him, in January, oil production in Russia will be 30 thousand barrels per day below the level of October 2018.

He also added that Russia will reach the level of production of 50 thousand barrels per day in late January.

Novak stressed that the level of oil production was stipulated in the agreement OPEC+.

OPEC and several non-organisation countries (OPEC+) for the first time entered into an Alliance to balance the oil market in late 2016 in Vienna, agreed on a reduction of production of 1.8 million barrels per day from the level of October of that year. The contract was valid in 2017-2018, and has been surpassed. OPEC in December+ signed a new deal, with the reduction of production in the first half of 2019 at 1.2 million barrels per day, including Russia – 228 thousand from October 2018.

Today it was reported that the oil showed maximum growth in two years. Thus, the price of March futures for Brent crude on London’s ICE Futures exchange this morning was $61,51 per barrel.

However, according to Morgan Stanley the Brent oil price will not exceed $ 65 per barrel in the next two years.

 

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