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No sign of oil freeze at home as Russia meets OPEC

As Russian energy minister Alexander Novak flies to Algeria this week for talks with OPEC on output cuts, developments at home indicate non-OPEC Russia is not preparing for any coordinated production action.

Five leading Russian oil companies, responsible for three quarters of output in the world’s largest producer, all say they will be boosting output next year after reaching record levels in recent months.

Kremlin-controlled Rosneft, which accounts for over a third of Russian production, has been the biggest opponent of the global oil freeze deal since it was first discussed at the beginning of the year.

The jump in production comes not only thanks to conventional oil deposits but also as Kremlin oil champions Rosneft and GazpromNeft are increasing output of hard-to-extract oil, despite Western sanctions on Russian shale projects.






Article source: http://www.dailystar.com.lb//Business/International/2016/Sep-26/373796-no-sign-of-oil-freeze-at-home-as-russia-meets-opec.ashx