Russia to maintain oil extraction at the level of 520-525 mln tons in 2016

​The Minister of Energy of Russia, A. Novak, thinks that oil extraction in Russia in 2016 will stay at the current rate of 520-525 mln tons.

“None of the companies plans to reduce oil extraction next year… I don’t expect a general fall”, he said.

He says that in H1 the volumes of operational drilling rose by 10.3%.

Previously this week Fitch reported that it expects oil extraction fall in Russia in 2016 due to the EU and US sanctions that have restricted the access to the international financial resources to the Russian producers of raw materials as well as due to low prices in the world hydrocarbons market.

Novak plans to discuss in late July the situation in the global oil market with the head of OPEC, A. Salem al-Badri, including the elimination of sanctions.