Economía 15-06-2017

Russia fulfills the oil agreement in May to 93%

Russia fulfilled the oil agreement in May at 93%, cutting output by 278,000 barrels a day compared to October 2016 to 11,319 million b / d, the International Energy Agency said.

"In May, Russian officials agreed to extend the agreement to reduce oil extraction until March 2018, (...) so far our forecasts speak of a small and steady growth in crude oil production in Russia that will take place next year” says the report.

The document indicates that Russia increased the investments in the branch and will be ready to increase the production as soon as the agreement ends.

Lukoil also said that oil output fell by 13,000 barrels per day, Gazprom Neft by 12,000 barrels per day, while oil companies Rosneft, Bashneft and Surgutneftegas showed a reduction of 5,000, 7,000 and 8,000 barrels per day respectively.

At the end of 2016 in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and several non-member producing countries agreed to reduce common extraction by 1.8 million barrels per day.

Of this total cut, 300,000 barrels per day correspond to Russia.

The agreement was extended to the first half of 2017 and last May was extended for nine months, until March 2018.