26 May 2017 09:07

Russia might lower 2017 oil production forecast to 547 mln t from 551 mln t

VIENNA. May 26 (Interfax) - The forecast for oil production in Russia for 2017 might be lowered by 4 million tonnes to 547 million tonnes from 551 million tonnes due to the decision to extend the agreement to reduce oil output until the end of March 2018, Energy Minister Alexander Novak told reporters.

"We will have to revise [the oil production forecast], of course. The initial forecast factored in the agreement for only six months, so we will now revise the figures. The forecast will be adjusted downward," Novak said.

"We can approximately say that, considering that our forecast stands at 551 million tonnes, we will propose to adjust it by around 4 million tonnes, to about 547 million tonnes," Novak said.