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Russia will increase oil production on the background of the agreement with OPEC

Россия нарастит добычу нефти на фоне договора с ОПЕК

Oil production in Russia will increase, despite an agreement to freeze production. This was during the Krasnoyarsk economic forum, said Deputy Prime Minister Arkady Dvorkovich, reports Rambler News Service.

“The agreement (with the OPEC countries — approx. “The”) fixes the production at the level of January 2016. This level is higher than in 2015. So, in 2016 compared to 2015, despite the agreement, the us production will increase and not decrease. This is arithmetic. Forecast level of 1.5 percent” — leads the Agency of his word.

On February 16, Russia and several OPEC members (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production at the level of 11 January. During the day the intention to join the agreement also said Iraq and Kuwait. Iran has approved this decision on 17 February.

The main purpose of the agreement is to stabilize the price of oil, which for the half year fell by 70 percent.

According to the Federal customs service, in 2015 Russia’s revenues from oil exports fell by 41.7% to 89,57 billion. Last year Russia produced 534,1 million tons of oil. Production grew by 1.4 percent.

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