Russia increased the oil production by 3.7% in two months

07 Mar, 2019

In January-February 2019, the volume of oil and gas condensate production in Russia grew by 3.7% as compared to the same period in 2018.  The exports of Russian oil to foreign countries amounted to 39.61 million tons during these two months, which is 5% more than that in 2018.

At the end of 2016, Russia and the OPEC countries have signed an agreement on cooperation to stabilize the oil market.  In December 2018, despite the extremely difficult negotiations and disagreements between the Russian Federation and OPEC countries, the oil powers were able to agree on another reduction in production - by 1.2 million barrels per day from the level of October 2018.  The share of Russia accounts for 228 thousand barrels per day.

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