Russia expects record high oil producer
[rtl] Vienna ( Reuters ) -
Russia is heading for a new record in oil production in 2016, according to Minister ofcapacity, the day after the meeting (OPEC) , during which the latter did not agree on a cap on production. Nevertheless Organization Unit confirmed its position in a market experiencing a revival, expressing concern about the decline in investments in the oil sector. The news agencies quoted Russian Energy Minister Alexander Novak as saying: «If he continues this momentum, we will get an increase of about 8 million tons, and if we added to 534 million tons last year, we will have between 540 and 542 million tons».This is equivalent to more than 10.8 million barrels a day, a new record for Russia, which imposed itself after the collapse of the Soviet Union among the first oil - producing countries with Saudi Arabia. Russia and tended in recent months, similar to the two main sources other oil, to increase production to record levels in order to compensate for thedrop in prices, but the increase in supply led to the fall in prices recorded in early this year , the lowest level since 2003. Despite the failure of Russia and other countries in the (OPEC) to agree on a reduction of production, the price of a barrel of crude oil hasrisen in recent days to $ 50. This rise of the burden has eased on Russia , which isfacing the threat of recession and derives most of its revenues from hydrocarbons, and failed states (OPEC) in determining the ceiling of production at its meeting in Vienna Thursday, which was not a surprise to the markets.
Despite the recent record production, the oil sector , experts believe that the increase Russian production due to reactivation of work in the oil fields , dating back to the Soviet Union and will dry soon. [/rtl]