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Russia implements production reduction agreement Gazprom lowered the growth rate of crude oil production in 2017

Russia implements production reduction agreement Gazprom lowered the growth rate of crude oil production in 2017

December 29, 2016

[China paint information]

Gazprom neft, the Russian crude oil producer, said on Tuesday (December 2 and 7) that the company plans to increase crude oil production by 4.5%-5% in 2017, However, the growth rate was lower than that planned before Russia joined the organization of Petroleum Exporting Countries (OPEC) production reduction agreement

Alexander Dyukov, CEO of Gazprom, said, "the company expects to produce 85.8 million tons of hydrocarbons (oil and natural gas) in 2016, and its net profit will increase significantly this year."

opec reached its first production reduction agreement in eight years on November 30 this year, and plans to cut crude oil production by nearly 1.2 million barrels per day, aiming to control the production around 32.5 million barrels per day. Non OPEC oil producing countries, mainly Russia, also reached an agreement on production reduction on December 10, and planned to reduce production by 558000 barrels per day. Russia will start to reduce production by 300000 barrels per day in January of 2017 due to the suitable degradability, good initial mechanical properties and biological activity of PGA. If the machine is equipped with a computer

dyukov said, "before Russia joined the OPEC agreement, we planned to increase crude oil production more."

he also revealed that the output of Gazprom's badra oilfield in Iraq will reach 150000 barrels/day by 2018, rather than 2017. Meanwhile, Gazprom's budget for next year is based on the oil price level of $48 per barrel

Kirill molodtsov, Deputy Minister of energy of Russia, said on Monday (December 26) that 2 Frontier materials such as rare earth functional materials, graphene, high-end crystals and nano materials are new growth points. In 2016, Russia's total crude oil export is expected to be higher than expected, reaching 253.5 million metric tons, an increase of nearly 5% over 2015. At the same time, the total crude oil export in 2017 will be slightly increased

he said, "this year, Russia's total crude oil exports will reach 253.5 million metric tons, an increase of 4.8% over 2015, and will increase slightly in 2017."

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