Russia to raise oil output, exports

MOSCOW, April 8, 2016 – Russian Energy Minister Alexander Novak on Friday said the volume of crude available for export this year is expected to increase over 2015, with higher exports as a result.

Russian production for 2016 is forecast to increase as well, albeit it marginally. Output for the year is estimated at between 10.76 million bopd and 10.84 million bopd, up from the record level of 10.73 million bopd in 2015.

Last year, Russia increased its total crude production by 51.3 million barrels yet yearly exports grew by 146.6 million barrels of oil. “We also see growing conversion ratio this year. It means export volumes will become higher. Hence the export volume will grow in comparison to 2015,” Novak told Russian reporters.

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