Russia has increased oil production

Oil production in Russia increased by 1.8 percent in July 2016, and this is the 24th consecutive month that production increases year-on-year, according to official figures.

Oil production in July was 10.85 million barrels per day, which is almost the same as in June, and only slightly less than the record of 10.91 million barrels per day, reached after the collapse of the Soviet Union in January, according to the Ministry of Energy. this year.

Oil production in Russia proved to be immune to the collapse of oil prices, which has been going on since mid-2014, in connection with which the ruble has weakened and the costs of existing projects and field development have significantly decreased. As already mentioned, the projects started by Novatek and Gazprom Neft with oil prices above $ 100 per barrel, which have survived to this day and even increased their production.

Russian oil exports increased in July by 4.7 percent compared to July 2015 to 5.28 million barrels per day, which means a decrease of 3.2 percent compared to June this year.

Goldman Sachs Group predicted that oil production in Russia could rise to 11.65 million barrels per day by 2018, up 7 percent by 2018.