Novak: Russia can increase oil production by 300 thousand barrels per day

© RIA Novosti / Alexei Danceparty in fotomancer energy of the Russian Federation Alexander Novak at the panel session the New energy markets: the far Eastern vector in the IV Eastern economic forum in Vladivostok.Novak: Russia can increase oil production by 300 thousand barrels per day© RIA Novosti / Alexey danceparty to the photobank

Russia during the year can realize the potential to increase oil production to the level of 300 thousand barrels per day above the October of 2016, announced Minister of energy of Russia Alexander Novak on the sidelines of the Eastern economic forum.

«In the medium term we have the potential to increase production to 300 thousand (barrels per day — ed.) further to October 2016. It depends on the plans of the companies and expediency», — said Novak.

«I think within a year we have this capacity could be implemented, but this does not mean that such decisions taken or to be taken. It is only the potential, this assessment is always subject to change based on current environment in which companies operate,» — said the Minister.

Fourth Eastern economic forum will be held at the site of the far Eastern Federal University campus on the Russian island on September 11-13. MIA «Russia today» is the General information partner of the WEF.

Novak: Russia can increase oil production by 300 thousand barrels per dayIV international economic forum

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