RF will update the annual record oil production when it is frozen at the level of January

RF will update the annual record oil production when it is frozen at the level of January

Moscow. 16 February. January 2016, Russia and several OPEC countries have agreed to take over a landmark in the framework of the agreements about the freezing of oil production level, was very successful for the Russian oil industry. If you maintain production at the January level, Russia will update its last year’s record production.

Economyon 16 February 2016Минэнерго of the Russian Federation said the agreement with OPEC to freeze to cobicistat read more

According to CDU TEK, oil production and gas condensate in January was 46,006 million tons, an increase of 1.5% for the first month of 2015. This is more than in any months of last year (the high was in December – 45,69 million tons).

If extrapolated to the entire year, the January production, its volume in 2016 will reach a record 552 billion tons. In the base scenario of Ministry of economic development to 2016 (prepared in October) that proceedeth out average annual oil prices at $50 a barrel, production was projected in the amount of 533 million tonnes, at a price of $40 per barrel is 526 million tons.

Russian oil company in 2016 not planning to reduce oil production relative to 2015, said earlier the head of Ministry Alexander Novak. In 2015, production of oil and gas condensate in Russia in 2015 has increased by 1.4% compared with the same period of 2014 and amounted to 534,081 million tons (10,726 million barrels a day, to 44.5 million tonnes per month on average).

Earlier Tuesday, Russia, Venezuela, Qatar and Saudi Arabia have agreed to freeze production at 11 of January of January on the condition that other manufacturers will join this initiative.