MOSCOW – New figures show Russia’s oil production in 2017 increased to thehighest level in the past 30 years to reach an average of 10.9 millionbarrels per day.
The increase came even though Russia reached a deal with the Organizationof the Petroleum Exporting Countries (OPEC) last year to cut output andhelp boost prices.
Figures released by Bloomberg show that Russian output has soared under theleadership of President Vladimir Putin, nearly doubling from 6.1 millionbarrels a day in 1999.
The industry’s long expansion could pause in 2018 because Russia has agreedto another year of cuts with the OPEC.
Despite the cuts, Russia achieved a record because it ramped up productionso rapidly the year before. Output reached 11.23 million barrels a day inOctober 2016, a month before the accord with OPEC was announced, Bloombergadded.
Russia implemented its pledged 300,000 barrel-a-day supply cut gradually,meaning output remained above 11 million barrels a day for several monthsin early 2017.
Oil output in December was 10.95 million barrels a day, up 0.1 percent fromNovember, while exports dropped 5.3 percent to 5.24 million barrels a day,according to Bloomberg.
The report further added that Russia’s allies in OPEC were not complaining.Brent prices climbed 18 percent last year and global inventories havefallen.
Following the November decision to extend the pact through 2018, SaudiArabia’s Energy Minister Khalid Al-Falih, sitting next to his Russiancounterpart Alexander Novak at a press conference, said “we are completelyaligned.”