UPDATE: Russia’s September avg daily oil output at 11.35 mln bbl

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MOSCOW, Oct 3 (PRIME) -- Russia’s average daily oil production amounted to 11.35 million barrels in September, Energy Minister Alexander Novak told PRIME on Wednesday.

“Production stood at 11.35 million barrels a day on average,” he said.

The ministry will not make any forecasts for production of oil in October, because it will depend on market demand. “(I cannot say anything) about plans until the end of the year as well. Everything depends on the market,” he said.

Russia is yet to reach its peak oil production. “We expect (it) at approximately 555 million tonnes this year…We have forecasts that we are able to raise output, given the fact that we are now working on measures to stimulate it,” he said.

Russia is able to raise its oil production additionally in October, it depends on the decisions that the companies will make, he said.

It would be possible to make a long-term forecast of oil prices only after the end of 2018. “Much will depend on geopolitical factors, it is difficult to forecast (the price for a long period of time). We will need to look at the market situation in November, in the fourth quarter of this year and in the first quarter of next year,” he said.

Novak also said that oil prices can potentially grow due to uncertainties at the market, but everything will become clearer in November. It is difficult to estimate the impact on the market from the U.S. sanctions against Iran as it is yet to be seen what sanctions will be introduced and how consumers will react to them, he said.

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