Russia has potential to boost oil production in 2018, says energy chief
Moscow. Russia has the potential to increase oil production this year as part of the OPEC + decision, Energy Minister Alexander Novak told reporters on the sidelines of the Russian Energy Week.
"We can still increase production. Incentive measures are being worked out now," Novak told reporters, adding that production is expected at 555 mln tonnes this year.
Russia’s Energy Ministry also sees the potential of growth in oil prices on the world market in the near future, Novak told reporters.
"Now there is potential due to uncertainty, everything will depend on the trends at the beginning of November," he said.