Russia Crude Production May Exceed 550m Tons

Oil production in Russia in 2018 could rise to more than 550 million tons, taking into account the decision made by OPEC and non-OPEC members on Friday to boost output, Russian Energy Minister Alexander Novak told reporters. "I think we will add 550 million tons," he was quoted as saying by TASS. Novak noted that Russia will be able to increase oil production by 170,000 barrels per day, thanks to the decision of OPEC+. "Maybe 170,000, maybe 180,000 barrels per day," he said, noting that Russia is unlikely to add this volume in July, it is likely to be achieved in the Q2. "Everything will depend on how quickly our oil firms can prepare for the recovery," he said. According to Novak, the Russian Energy Ministry will consider equal opportunities for the production growth of all domestic companies. "We will continue to consider equal opportunities for all companies," he said.