RUSSNEFT INTENDS TO INCREASE ITS OIL OUTPUT 2-3% PER YEAR IF RUSSIA QUITS THE OPEC DEAL
PJSC “RussNeft” will increase the annual oil production 2-3% if Russia decides to smoothly pull out of the OPEC oil production cut agreement, Mikhail Gutseriev, a co-owner of the company said.
PJSC “RussNeft” will increase the annual oil production 2-3% if Russia decides to smoothly pull out of the OPEC oil production cut agreement, Mikhail Gutseriev, a co-owner of the company said.
We will move ahead, the plan is to have 2-3% growth (of the oil production) every year. If the government decides (to pull out), how dare I mind? I am not an enemy to my country, am I? If Russia quits the OPEC (deal) we will grow 2-3%, he said answering if PJSC “RussNeft” would increase its production in case of a smooth exit of Russia from the OPEC agreement.
Late in 2016, OPEC and a number of non-OPEC countries agreed in Vienna to reduce their production 1.8 million barrels per day from the October level including Russia’s share of 300 thousand barrels. The agreement was signed for H1 2017 to be extended for 9 more months in May through March 2018.
Earlier on Friday, an official representative of the Russian Ministry of Energy said that Russia is ready to consider proposals from its partners to adjust the deal’s parameters if necessary at the meeting of the ministerial committee for tracking the implementation of the agreement on crude production cut by OPEC and non-OPEC (OPEC+) countries to be held on July 24.