Russia has set a new historical record of oil production

The volume of oil production in Russia reached a new historical high, said the Deputy energy Minister of Russia Kirill Molodtsov held in Tyumen oil and gas forum.

“The day we began to extract more than 11 million barrels, as of yesterday, the extraction was made of 11.75 million barrels,” he said (quoted by “Interfax”).

In August the daily average oil production in Russia amounted to 10.71 million barrels, 1.6% less compared to July and 0.1% higher than a year earlier. In early September, Bloomberg, citing data from CDU TEK reported that the volume of daily oil production in Russia exceeded 11 million barrels for the first time since 1991.

Declared by Molodtsov exceeds the absolute maximum oil production in the Russian Federation — in the most successful for the Soviet oil industry 1987 on the Russian deposits were mined of 11.42 million barrels per day.

Earlier, analysts analysts at Goldman Sachs predicted that by the end of 2016 in General, the average daily volume of Russian oil production will increase to 11.21 million barrels and approximately 1.35% over the last year. According to the forecast, in 2017, oil production in Russia will grow to 11.41 million barrels per day, and by the end of 2018 to 11.65 million barrels.

To increase the volume of oil production in Russia comes amid reports on the agreement of the authorities of Russia and Saudi Arabia to coordinate its actions on the world oil market and ahead of the end of September, the International energy forum in Algeria, where OPEC members and countries outside the cartel, are planning to hold an informal meeting to discuss the possibility of freezing of oil production.

Saudi Arabia also ramping up its oil production. According to the International energy Agency (IEA), in August oil production in this country rose to 10.6 million barrels per day.

According to Molodtsova, imbalance of supply and demand on the world oil market is gradually shrinking. “In August-October last year, we saw an excess of supply for raw materials over consumption. This offer is now being actively consumed,” — said the Deputy head of the Ministry.

In the course of trading on the ICE exchange on Wednesday, September 21, the price of a barrel of Brent crude oil rose to $46,88 that on 2,18% above level of closing of the trades Tuesday.