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OPEC agreements allow 1.9% oil output growth in Russia in 2016 — official

February 18, 11:23 UTC+3
Russia, Saudi Arabia, Qatar and Venezuela said that in 2016 they are ready to maintain their oil production at the level of January if other oil-producing countries join this initiative
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© Sergei Bobylev/TASS

MOSCOW, February 18. /TASS/. Agreements with OPEC do not exclude the growth of oil production in Russia in 2016 by 1.9%, Deputy Energy Minister Kirill Molodtsov said Thursday.

"As of January 11 we have recorded oil production growth of 1.9%. We have a tendency of production growth, and we can retain it. It is possible to increase production in connection with the introduction of new fields," he said.

Russia, Saudi Arabia, Qatar and Venezuela said that in 2016 they are ready to maintain their oil production at the level of January if other oil-producing countries (both members and non-members of the OPEC) join this initiative. Later, Kuwait agreed to join the initiative and maintain its oil production at the level of 3 million barrels per day. The United Arab Emirates and Iran have also voiced support for the initiative.

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