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Asia Today ISSN 1861-4604 Monday, February 19, 2018

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Russia to increase oil export in 2017

558,000 barrels per day

Share on Facebook December 26, 2016, Reporter : Trend, Reader : 454

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Baku, Azerbaijan, Dec.26 By Leman Zeynalova – Trend: Russia’s Energy Ministry expects a slight rise in the country’s oil export in 2017, Russia’s deputy energy minister Kirill Molodtsov told reporters Dec.26.

He noted that it is planned to export around 253.5 million tons of oil in 2016, or 4.8 percent more than in 2015, RIA Novosti reported.

At the same time, the energy minister said that much will depend on the mechanism of implementation of the agreement reached between OPEC and non-OPEC countries to cut the oil output.

During the Vienna meeting held Nov.30, OPEC members decided to implement a new OPEC-14 production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the oil output by 558,000 barrels per day during the meeting held Dec.10.

Eleven non-OPEC countries agreed to reduce the oil output: Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and Republic of South Sudan.

Russia has expressed readiness to cut its oil output by 300,000 barrels per day.

Follow the author on Twitter:@Lyaman_Zeyn

 

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