Data from Russia's Energy Department said on Tuesday (January 2) that although Russia has joined the OPEC's production cuts, its crude oil production in 2017 is still slightly up to 1098 barrels per day in 30 years.
In the OPEC production cuts, the biggest contributor is undoubtedly Saudi Arabia, the country's sharp reduction in crude oil production to help cut production agreement to be successfully implemented. In the last quarter of 2016, production in Russia hit once-on-October the highest level of 10.96 million barrels per day from 10.7 million barrels per day in 2015.
Russia is committing to a cut of 300,000 b / d in a cut agreement, though this is based on October 2016 levels, at a record 11,247,000 b / d. Therefore, although Russia follows the production cut agreement, production in 2017 will still achieve a slight increase.
Throughout 2017 as a whole, Russia's average daily output achieved the ninth consecutive year of the climb. In contrast, we can see that in 1999, the country's crude oil output was only 6.1 million barrels per day.
At present, the OPEC and non-OPEC oil-producing countries headed by Russia have already decided to extend the production cut agreement to the end of 2018, which means that they will also limit their production by 2018. This may help Russia's crude oil output growth to stagnate this year.