Russian oil output to remain at 547 mln tonnes in 2018 if OPEC+ deal extended, could increase 3.5-4 mln if no deal
MOSCOW. Oct 25 (Interfax) - Russian oil output in 2018 will be level with 2017 at 547 million tonnes if the OPEC+ deal to cut oil output is extended until the end of 2018, Russian Energy Minister Alexander Novak told journalists.
However, he said oil output could rise by 3.5 million-4 million tonnes if the deal is not extended.
"According to the 2018 forecast, we will have slight growth compared to 2017, but everything will largely depend on decisions to extend or not extend the deal between OPEC and non-OPEC countries," he said.
"We are putting together forecasts now ranging from the existing level of 547 million tonnes to growth of around 3.5 million-4 million tonnes," he said.