Russia in may complied with the agreement to reduce oil production by 93%

© AP Photo / Hasan JamaliДобыча oil. Archival photoRussia in may complied with the agreement to reduce oil production by 93%© AP Photo / Hasan Jamali

Russia in may, according to preliminary data, reduced production of oil by October of 278 thousand barrels to 11,319 million barrels a day, following the agreement to reduce oil production by 93%, according to a report by the International energy Agency (IEA).

LUKOIL may cut oil production by 13 thousand barrels per day, «Gazprom oil» — on 12 thousand barrels per day, the report said. «Rosneft», «Bashneft» and «Surgutneftegaz» has reduced oil production by 5 thousand, 7 thousand and 8 thousand barrels per day, respectively.

«In may, Russian officials agreed to extend the agreement to reduce oil production until March 2018. At the same time, the three major oil companies of the Russian Federation plans to increase investment in production and exploration this year. While our forecasts are talking about a small and gradual growth of oil production in Russia next year, however, production may again surprise growth in 2018, depending on when they withdraw restrictions on production,» the report says.

OPEC at a meeting on November 30 in Vienna agreed to reduce its production by 1.2 million barrels a day from October level. Eleven non-OPEC countries, 10 Dec agreed to reduce its production a total of 558 thousand barrels per day, including Russia — 300 thousand barrels. The agreement was concluded for the first half of 2017 with the possibility of extension.

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Russia in may complied with the agreement to reduce oil production by 93%Go to photobacteria oil revenues and other revenues

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