Russia has reached its maximum level of oil production, said Alekperov

© RIA Novosti / Kirill to Kallinikova in Photobacterium PJSC LUKOIL Vagit AlekperovRussia has reached its maximum level of oil production, said Alekperov© RIA Novosti / Kirill to Kallinikova the image Bank

Russian oil companies reached the maximum of production, said in an interview with the newspaper «Vedomosti» the President of «LUKOIL» Vagit Alekperov.

«As far as I know, Russian companies have already reached the maximum of production, and so are we,» said Alekperov.

«Restrictions (OPEC — ed.) was removed on September 23. Today, our colleagues also work at the maximum. There are projects that allow you to increase production. Including projects that were stopped, for example the grey zone between Kuwait and Saudi Arabia with capacity of from 400 thousand to 600 thousand barrels per day. We are looking for new projects for the introduction of additional capacity in the Caspian region and the Komi Republic. All at maximum!», he said.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016, of which 300 thousand were in Russia. The contract started from the beginning of 2017 and has been extended until the end of 2018. In June 2018 OPEC+ agreed goal is to escape from the fulfillment of the terms of the agreement. We explained that in practice this will mean increasing production by 1 million barrels per day, including Russia — about 200 thousand.

In Algeria took place on September 23, the tenth meeting of the Ministerial monitoring Committee of OPEC transaction+. Members of the Committee agreed to continue to strive for 100-percent level of implementation of the Vienna agreement in the coming months.