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Russia To Increase Oil Production To 300,000 bpd



Energy Minister Alexander Novak on Tuesday said Russia would likely raise its oil production to between 200,000 and 300,000 barrels per day in the short term.

Novak who cited the country’s competitiveness in the global market. added that the country can produce up to 500,000 barrels per day in the long term, despite price decrease and the volatility in today’s oil market.

“We have one of the world’s lowest expenses for oil production, we are competitive in the global markets. As far as production is concerned, I believe that companies will be today reassessing their investment plans, volumes, production programs.

“We are capable of increasing production. I believe we can increase it to 200,000-300,000 barrels per day in the short term, and up to 500,000 barrels per day potentially.’’ (Sputnik/NAN)