Russia's Oil Output Amounted to 11.35Mln Barrels Per Day in September - Energy Minister

MOSCOW (Pakistan Point News / Sputnik - 03rd October, 2018) Russia's oil production in September stood at an average of 11.35 million barrels per day, Energy Minister Alexander Novak told Sputnik on Wednesday, giving no forecast for output in October.

"Oil output was at the average of 11.35 million barrels per day in September," Novak said, adding that oil production in October would depend "on market needs."

He noted that the Russian Energy Ministry could not give an accurate forecast for oil production levels until the end of the year as for the same reason.

Speaking on the sidelines of the Russian Energy Week, the minister stressed that Russia had not yet reached its oil output ceiling and had the capacity to increase it.

"We expect approximately 555 million tonnes this year ... Our forecast is that we can increase oil production," Novak told reporters.

He noted that the long-term forecast for the oil prices could be only done in late 2018-early 2019.

Novak said on September 23 that the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers were likely to return to the 100-percent compliance with the Vienna deal as soon as September or October by stepping up oil production.