Moscow’s Energy Minister Alexander Novak said on Wednesday July 25th that Russia’s oil production this year will increase to 551 million tonnes, the equivalent of 11.02 million barrels per day (bpd), a new 30-year high and up by around 3.5 million tonnes from previous expectations.
He claimed that Russia would further raise production to 555 million tonnes in 2019 after the Organisation of the Petroleum Exporting Countries (OPEC) and other oil producers led by Russia agreed last month to ease production curbs.
As reported by Reuters, Novak said the projections are preliminary.
He was quoted by his ministry as saying, “A lot will depend on the market dynamics and the need to adjust our actions.”
Last year Russia’s oil production reached a new 30-year average annual high of 10.98 million bpd despite the country's participation in an OPEC-led global supply reduction pact.