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Russia’s continuous growth in crude production could end next year

Oil production in Russia may go down in 2019 because of a reduction pact, according to today’s words from Alexander Novak, the Russian Energy Minister, which could lead to a cessation of output gains that has been going on for the past decade.

Photo: Reuters

The country’s production has been building up due to engagement of new oilfields since 2008, the last time it decreased as a result of global financial crisis and slumped crude prices.

Russia’s oil output is projected to be around 555-556 mln tons in 2019, but the figure could be corrected lower considering the restrictions agreement, said the Minister.

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