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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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.