Russia beat the historical record of oil production prior to its reduction

In December 2016, the daily volume of oil production in Russia may grow by 0.8%, reaching a new historic high at 11.3 million barrels., according to “Interfax” with reference to the report of the Deputy Minister of energy of Russia Kirill Molodtsov.

In October, the daily production for the first time exceeded 11.2 million barrel. and it is from this level, according to the preliminary agreement with OPEC, Russia is planning from the beginning of 2017 to reduce oil production (300 thousand Barr. per day) within the joint action to balance the world oil market.

“The agreement with OPEC is not affected. December — December”, — said Deputy Minister of energy (quoted by “Interfax”).

The day before, on 1 December, Minister of energy Alexander Novak said that Russian oil companies will reduce production proportionately over the first half of 2017.

“Russia will gradually reduce production in the first half of 2017, in the amount up to 300 thousand Barr. a day in a short time, on the basis of their technical capabilities,” explained Novak.

The exact schedule of the decline in oil production is scheduled to prepare before the meeting of OPEC, scheduled for December 9-10. According to Bloomberg, OPEC negotiations with Russia and other countries outside the cartel, can take on 10 December in Moscow.

Vice President and co-owner of oil company LUKOIL Leonid Fedun has expressed the hope that in the adopted by the government of Russia “governing document” is defined not only tasks for each major oil producer, but also propose some compensatory measures.

“The freezing of oil production requires a certain cost. So I dare to hope that some compensation for the companies will be,” said Fedun in interview to TV channel “Russia 24”.