Baku. 3 March. REPORT.AZ/ If OPEC and non-member countries will not extends agreement reached in Vienna in November 2016, Russia may increase oil production up to 548-551 mln tons in 2017.
Report informs citing the İnvesting.ru website, Russian Energy Minister Alexander Novak said in an interview with "Reuters" news agency. Minister noted that, at present it is too early to talk about the extension of the agreement.
First, it is necessary to study its impact on global oil reserves.
We estimate that, if the agreement will not be extended, Russian will lift its production to 548-551 mln tons", - minister stressed. Notably, Russia produced 547.5 mln tons of oil in 2016. Analysts fear, in the event of any failure by countries that joined the agreement to comply with obligation, the agreement can be terminated.
Notably, next meeting of OPEC and non-OPEC countries will be held on May 25. At this summit the issue of extension of the agreement will be discussed. According to the recent reports, 94% of OPEC and 60%.of non-OPEC countries have complied with terms of agreement.
One of the countries that minimally reduced production is Russia. According to the results of February Russia reduced production by 121,000 barrels instead of 300,000 barrels per day which means it complied with terms of agreement by only 40%. In addition, Russia increased exports by 66,000 barrels/day.