Russian Energy Ministry expects gas and oil output growth this year

Russian Energy Minister Alexander Novak said that the energy ministry expects the Russian gas output to grow 5% to 723 billion cubic meters in 2018.

The minister said that he expected Russia's oil output to stand at 555-556 million tonnes in 2019, but that the forecast could be lowered by 3-4 million tonnes because of uncertainty.

According to him, Russia's oil production would fall 228,000 barrels per day during the first quarter of next year, in line with its commitments under a global oil output cut deal, Reuters reported.