Russia is ready to increase its oil output by 3.5-4.0 million tonnes in 2018 if a global deal between OPEC and non-OPEC producers to reduce production is not extended, the country's Energy Minister Alexander Novak said.
“We forecast that in 2018 we will have small growth relative to the year 2017, but it will to a large extent depend on what decisions are taken on extending or not extending the (output cut deal) with OPEC nations,” Reuters cited Novak as saying.
"We will now make our forecasts within a range of a possible (output) increase from today’s level, if there is no (extended) deal (with OPEC),” he added.
Russia’s oil output is officially forecast at 547 million tonnes this year and next.
Participating countries have agreed to reduce output by 1.8 million barrels a day until March 2018.
