Russia may revise its plans for increase of oil yields in 2017

Russia may revise its plans for increase of oil yields in 2017, if the OPEC agreement for global freeze takes effect.

“According to our plans oil production will increase next year. If you keep your production at its current level, we will make our contribution. For us it will actually mean to reduce production to 200-300 thousand barrels per day (in 2017)”, said the Russian Energy Minister Alexander Novak. “We are currently working mainly with countries outside OPEC. Kazakh Minister now fly to Moscow, yesterday held talks with Uzbekistan, and today we will hold negotiations with other countries, Mexico. We are committed to reach agreements, and not only countries of OPEC will be able to attend talks”, added he.

OPEC (OPEC) will meet on November 30 in Vienna, the goal is to reach a definitive agreement to limit oil production.

Russian oil companies, however, say they will increase production next year after it has already reached record levels in recent months due to the assignment of new fields. The deposits, on which work of this year, will continue to operate, however, and the total yield will be reduced by reducing the yields of “brown” fields, ie those that are operated for several years, explained Novak.

Consultations of Russia with OPEC proceed positively and Russia will hold talks with several oil producing countries outside the organization, including Kazakhstan and Mexico. It has not been contacted by the United States to discuss global freeze yields of oil. From talks with Norway became clear that Oslo would not participate in the deal. According to the energy minister of Russia nobody can predict what would be balanced oil market.

According to the forecasts of the Russian Energy Ministry, the the global oil surplus will amount to 1 million barrels per day by the end of the year to 1.8 million barrels per day in early 2016.

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