14 December 2016, 08:36 GMT
MOSCOW (Sputnik) — The Russian oil industry has showed great performance with increased investment and production in the sector despite the challenging market environment and low oil prices, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Wednesday.
"The Russian oil industry has managed to perform well and both investment and production are growing, despite low oil prices. Investment in the energy sector – which should rise by 15% in 2016 to 3.6 trillion rubles ($55.5 billion) – has materialized, despite the challenging market environment," the December report reads.
According to the cartel, Russia’s oil production is expected to average 11.05 million barrels a day in 2016, showing somewhat stagnant figures.
