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Amount Of Oil Extraction Will Remain Same
March 5, 2016 14:55

The Russian oil companies will continue to extract the same amount of oil as in January 2016. This was declared by the president of Russia Vladimir Putin, reports “Interfax” on the 2nd of March.

“We had a meeting with our leading oil companies and we came to an agreement that the amount of oil we extract will remain the same as in January 2016” the Russian leader said.

Earlier, on the 1st of March the Minister of Energy has declared that over 15 countries have agreed to freeze the amount of oil extraction. Putin mentioned that the Ministry of Energy and adjacent experts are looking into the questions concerning stabilizing the global market of energy sources. “Our partners are constantly being consulted by the leading members of the global oil market.  They are looking into special measures that could provide the stability of the market: to counterbalance the demand and the offer” the president ordered.

On the 16th of February Russia and several members of the OPEC (Saudi Arabia, Qatar and Venezuela) have agreed to freeze the oil extraction to support the oil rates what have decreased by 70% in the last year and a half. Iraq and Kuwait have already announced that they want to be a part of the agreement. On the 20th of February Nigeria also became a member of the team.

According to CDU’s research, in February Russia’s rate of oil extraction is 5.3% higher than it was one year ago. In the last year Russia has extracted 43.1 million tons of oil. Deputy PM Arkadiy Dvorkovich explained that the level of oil extraction in Russia is rising regardless of the agreement to freeze the level of extraction. “The agreement fixates the level of oil extraction at January 2016’s level. This is higher than in 2015. Therefore, compared to 2015 the level of oil extraction will increase, not decrease. It’s simple math. The prognosis is 1.5%” he added.

Author: Anna Dorozhkina

Tags: Russian oil and gas industry     

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