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2016-11-24 18:35:00

RUSSIA CAN CUT 300 TBD

RUSSIA CAN CUT 300 TBD

According to REUTERS, Russia could revise down its 2017 oil production plans if a global output freeze pact comes into force, Russian Energy Minister Alexander Novak said on Thursday.

"According to our plans, (Russian) oil output is going up next year. If we keep production at the current level we are making our contribution, for us that essentially means a cut of 200,000-300,000 barrels per day (in 2017)", he told journalists.

OPEC nations are due to meet on Nov. 30 to try to finalize a pact on freezing oil prices.

Russian oil companies say they will boost output next year after reaching record levels in recent months, by continuing to commission new oilfields.

Those oil fields that have been put on stream in 2016 will continue pumping oil in 2017 and "as a matter of fact we will cut production on the brown fields," Novak said, referring to fields that have already been producing oil for some years.

Consultations with OPEC are going positively and Russia will hold talks with a number of oil-producing non-OPEC nations, including Kazakhstan and Mexico, the minister said.

No contacts on the global oil freeze have been held with the United States and contacts with Norway show that Oslo would not be taking part in the deal, Novak said.

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Earlier: 

RUSSIA IS READY 

RUSSIAN INVESTMENTS TO IRAN 

RUSSIAN DECISION: $6 BLN 

RUSSIA - SAUDI COMPETITION 

IRAN - RUSSIA COOPERATION

 

 

Tags: RUSSIA, OIL, PRODUCTION, OPEC

Chronicle:

RUSSIA CAN CUT 300 TBD
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RUSSIA CAN CUT 300 TBD
2017, December, 18, 12:15:00

EXXON - PETROBRAS ALLIANCE

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RUSSIA CAN CUT 300 TBD
2017, December, 18, 12:10:00

EXXON BOUGHT MOZAMBIQUE

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RUSSIA CAN CUT 300 TBD
2017, December, 18, 12:05:00

U.S. RIGS DOWN 1 TO 930

U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.

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