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Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Russia Can Raise Output above 200,000 b/d

Russia reduced its crude production by 300,000 b/d from October 2016.

Russia is ready to increase oil production above 200,000 b/d if other countries of the OPEC-led coalition are not be able to meet the group's new goal to raise the combined output by 1 million b/d, Russia's energy minister Alexander Novak said Friday, as reported by Prime news agency.

"If everybody agrees that... we, say, cannot receive the 1 million b/d[increase], of course we'll be participating in ensuring the increase with higher parameters than 200,000 b/d if needed," Novak was quoted as saying by the agency.

At the Vienna meeting last week, OPEC and its allies, led by Russia, agreed to adjust individual oil output ceilings in line with each country's spare capacity to increase combined production by up to 1 million b/d to avoid potential shortages in supply amid high risks of further falls in crude production in Venezuela, Iran and Libya. Russia's quota was put at 200,000b/d.

Earlier in the day, Novak said that Russia was prepared to increase its outputby up to 200,000 b/d in July.

"For July, we plan [an increase of] up to 200,000 b/d," Novak said, as quoted by Prime.

The increase would translate into a Russian production cut of 100,000 b/d from October 2016's level, the baseline for OPEC and its allies' production cut deal effective from January 2017, Novak said.

Russia reduced its crude production by 300,000 b/d from October 2016, when it pumped a record 11.247 million b/d, according to the energy ministry's data.

 

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