The Russian Energy Ministry announced on Saturday that a record 11.1 million barrels per day were pumped in September, the highest since the collapse of the Soviet Union and 4% above the previous output of 10.7 million barrels per day.
Russia, as well as OPEC members, are grappling with a long-term recession as oil prices remain below $ 50 a barrel. In 2008, as a result of the financial crisis, oil prices fell from $ 147 a barrel to less than $ 35.
On Wednesday, during an informal meeting in Algeria, for the first time in eight years, OPEC agreed to a deal that would limit oil production. The development of a freeze plan, as well as production levels for each country, is the goal of the next official meeting in Vienna, scheduled for November. However, there are doubts as to whether OPEC will follow the commitments made in Algeria. In turn, Russia announced that it is open for joint efforts with OPEC to stabilize the situation in the oil market.
Russia in September produced a record amount of oil per day
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Azovpromstal® 3 October 2016 г. 09:48 |
