• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 6 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 2 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 6 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 6 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Russia’s Oil Output Rises 2.3 Percent Since January

Russia’s oil output has risen by 2.3 percent annually since the beginning of this year, deputy energy minister Kirill Molodtsov said on Wednesday, hours before his boss, energy minister Alexander Novak, is expected to meet later this week with Saudi oil minister Khalid al-Falih to discuss possible joint cooperation on crude production.

Referring to Russia’s refining capacity and exports, Molodtsov told reporters, as quoted by the TASS agency:

“Our goal of processing is first of all to satisfy domestic demand. Deficit is not expected.”

Russia’s oil exports rose by 4.6 percent on the year between January and October, with October exports inching up 0.1 percent over the export levels from October last year.

Last month, Russia’s oil production hit a new post-Soviet era high at 11.2 mln bpd. Russia itself and analysts alike predict that the country’s production would also increase next year, with new fields coming online.

Goldman Sachs expects Russia’s oil output at 11.7 million bpd in 2017, an upward revision of a previous estimate that claimed average daily output would be nearer to 11.4 million barrels. The earlier estimate envisaged the 11.7 million bpd mark wouldn’t be reached until 2018, but Russia appears to be ramping up production faster than most observers seem to have expected.

Russia is currently looking for its own interest and is waiting to see if OPEC could pull off a deal on production limits before expressing firm positions on whether it would commit to join.

The website of Russia’s energy ministry is boldly flashing a quote by minister Novak saying that “we believe that a freeze is the most efficient instrument to stabilize the situation on the oil market”.

It still remains to be seen if non-OPEC Russia would really join a freeze, but before that, OPEC needs to get its own members overcome bickering, resistance, and disputes.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News