Russia raised its forecast for oil production in 2018

The Ministry of Energy of the Russian Federation revised upward the forecast of oil production in Russia in 2018.

“Due to the recent decision on the OPEC+deal on the gradual increase in oil production, we revised the forecast for oil production in 2018 and increased it by about 3.5 million tons, up to 551 million tons,” Energy Minister Alexander Novak told journalists.

“In 2019, oil production, according to our forecasts, will reach about 555 million tons,” he added.

“But these are preliminary estimates – a lot will depend on the dynamics of the market and the need to correct our actions,” the minister stressed. In 2017, Russia produced 547 million tons of oil.