Russia’s Novak: Russia oil output to increase in 2018 if OPEC deal not extended

Dhwani Mehta FXStreet

Sputnik reports comments from the Russian Energy Minister Novak delivered late-Wednesday, threatening that Russia will increase oil production in 2018 if the OPEC-non-OPEC deal that expires in March 2018, isn't prolonged.

Key Quotes:

"According to the forecast, we will have a small increase in 2018 as compared to 2017, but this will depend on the decisions taken regarding the extension or non-extension of the OPEC and non-OPEC countries’ agreement … [A total of] 531 [a million barrels of oil a year will be produced in Russia] if the agreement is not extended, so approximately 3.5-4 million tons will be produced next year as compared to this year."

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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