Russia’s Energy Ministry has revised the forecast for oil production in 2018 to 551 million tonnes and to 555 million tonnes in 2019, Energy Minister Alexander Novak said.
"Due to the recent decision on the OPEC+ deal on the gradual increase in oil production, we revised our forecast for oil production in 2018 and increased it by about 3.5 million tonnes to 551 million tonnes," TASS cited him as saying. "In 2019, oil production, according to our forecast, will reach about 555 million tonnes," the minister said.
"But these are preliminary estimates," he noted. "A lot will depend on the dynamics of the market and the need to adjust our actions," Novak explained.
