Russian Energy Ministry Believes Country's 2019 Oil Production To Reach 556-560 Mln Tonnes

Russian Energy Ministry Believes Country's 2019 Oil Production to Reach 556-560 Mln Tonnes

The Russian Energy Ministry believes that the country's oil production will reach 556-560 million tonnes in 2019, Energy Minister Alexander Novak said on Wednesday

MOSCOW (Pakistan Point News / Sputnik - 20th November, 2019) The Russian Energy Ministry believes that the country's oil production will reach 556-560 million tonnes in 2019, Energy Minister Alexander Novak said on Wednesday.

"[Oil production will reach] 556-560 million tonnes, one-half percent give or take, this is no so important. Everything proceeds in accordance with OPEC+ agreements and companies' production plans. We do not see any force majeure. this is the most important thing," Novak said.

Novak expressed the belief in September that oil production could reach 554-556 million tonnes in 2019.

Meanwhile, Russia's oil production amounted to 555.8 million tonnes in 2018, which was a 1.6 percent increase year-on-year.