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Ministry of Economic Development of the Russian Federation: the reduction of oil production by 5% is theoretically possible

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Ministry of Economic Development of the Russian Federation: the reduction of oil production by 5% is theoretically possible

Ministry of Economic Development of the Russian Federation: the reduction of oil production by 5% is theoretically possible
September 22
16:00 2016

Ministry of Energy has been going into a question whether there is a technical possibility of reducing the oil production if it is needed. Nevertheless, it is known that during the year the production in Russia will grow.

Deputy Minister of Energy Kirill Molodtsov told the reporters: “We believe that a decrease in oil production by 5% is technologically possible.” Molodtsov didn’t say from what production index this decrease will be possible. In addition, the head of the department pointed out that such a possibility had not been legally secured.

Earlier this year when oil quotations were striving to the mark of $ 30 per barrel, the Ministry of Energy offered oil companies to think about the possibility of reducing oil production by 5%.

The proposal has caused debates, by results of which all have come to believe that there is a technical possibility of reducing the production in summer, but economically there is no sense in the reduction of raw material extraction. It makes sense in the oil freeze. Russia is in the process of negotiations with the OPEC countries about the freeze possibilities at the January level, but the talks have been fruitless so far.

In the recent past Molodtsov said that in September 2106, the daily oil production in the Russian Federation had reached a historical high of 11.086 million barrels.

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