Energy Ministry expects month-on-month drop in oil output in Russia in September

05.09.2019

The Energy Ministry expects oil production in Russia in September to decline in comparison with August, Energy Minister Alexander Novak told reporters.

"We expect that it will be lower, and it will be at the level of our obligations under the [OPEC+] agreement," he told reporters on the sidelines of the Eastern Economic Forum on Wednesday.

In August, Russia reduced oil production by 143,000 bpd under the OPEC+ agreement on oil production cut. Russia’s oil production reduction quota under the agreement is 228,000 bpd. Novak attributed the increase in production in August to the clean-up of the Druzhba pipeline that was earlier received contaminated oil.

The OPEC+ production reduction agreement is valid until the end of March 2020. In total, the countries involved in the deal should reduce production by 1.2 mln barrels per day as compared to the level of October 2018.


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