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ACRES: Russian oil production will grow again in 2018

Russian oil production in 2018-2019 will again start to increase, analysts conclude Analytical credit rating Agency (ACRA) in the forecast for the Russian oil industry until 2021.

17.May.17 1:17 PM
By Christina Orlina


ACRES: Russian oil production will grow again in 2018
"Participation in the agreement on the limitation of production will restrain the growth of oil production in Russia in 2017. The reduction of production in the Russian Federation is calculated from the level of October 2016 (11,247 million barrels per day), and the agreement on the decrease of 0.3 million barrels per day means that production will be slightly higher on average for the year 2016 (10,947 against of 10.94 million barrels per day). While the average annual level will be the slightly higher contract, because the decline was not a one-time and production came to a minimal level only in may. As a result, in the case of the renewal of the agreement on the freezing of production in the second half of 2017 can expect a slight growth of production in the current year (up to 549 million tonnes) compared with last (547,5 million tonnes)", experts of ACRE, noting that the introduction in Russia of new large fields, the expected maximum annual oil production of 1 million tons, significantly raised after 2011-2013 years will ensure growth of production of "black gold" in Russia from 2019 to 2020 inclusive.

According to analysts of an ACRE, given the fairly high profitability of Russian oil production and the fact that a large part of the investment in developing new fields is already done, the company in Russia earlier plans to fulfill.

It is also noted that the lion's share of new deposits accounts for the country's largest oil company Rosneft. Deposits will be introduced in the period from 2017 to 2021.

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