19:19 GMT +320 October 2017
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    A worker at an oil field owned by Bashneft, Bashkortostan, Russia

    Russia Expects Oil Export to Reach Over 279 Tons in 2017

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    Russian Deputy Energy Minister stated that oil export from Russia is expected to reach more than 2016's estimated total of 253.5 million tonnes (roughly 279.4 million tons) in 2017, which is an almost 5-percent increase since 2015.

    MOSCOW (Sputnik) The oil export from Russia is expected to reach more than 2016's estimated total of 253.5 million tonnes (roughly 279.4 million tons) in 2017, which is an almost 5-percent increase since 2015, Russian Deputy Energy Minister Kirill Molodtsov said Monday.

    "Supposedly 253.5 [million tonnes of oil are expected to be exported from Russia] this year, which is 4.8 percent more than in 2015. In 2017, we will have a little more than this," Molodtsov said.

    The deputy minister added that the export levels depended on the implementation of the oil output deal initiated by the Organization of the Petroleum Exporting Countries (OPEC).

    In November, OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel from next year.

    On December 10, a number of non-OPEC countries agreed to cut oil output by 558,000 barrels per day, with Russia cutting the output by 300,000 barrels per day from January 2017.

    Related:

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    Russia’s Oil Industry Performs Well Despite Low Oil Prices – OPEC
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    export, Oil, Russia
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