Min says Russia’s oil output seen flat on month in August

KEMEROVO, Aug 27 (PRIME) -- Russian oil output will remain flat on the month in August, Energy Minister Alexander Novak told reporters on Monday.

“I think we will reach the level of July. In July, we raised by about 259,000 to (the level of) October 2016. In August, these figures will persist based on the current dynamics,” Novak said.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

End