The Organisation of Petroleum Exporting Countries (OPEC) reportedthat Russian oil producers have already returned oil production to record levels this year and will boost crude production further next year, thanks to the launch of several greenfield projects.
Russian oil production has increased recently to a record 11.2mn barrels a day, earning oil producers outsized profits this year.
The Russian state-owned oil producer Rosneft recently made it the most valuable company in the country; this comes after the company earned more profit in the first quarter of this year than in all of 2017.
Russia’s energy ministry has raised its forecast for oil production in 2018 by 3.5mn tonnes.
“In 2019, Russian oil companies have the potential to increase production through greenfield development. Incremental production of oil, [natural gas liquids] NGLs and condensate could come from several projects, such as Uvat, East-Siberian, Vankorneft, Messoyakha and Yamal LNG,” OPEC said.
The OPEC also reported that Rosneft has three new projects that are expected to come on stream for oil production in the fourth quarter of this year.
OPEC expects that average oil production in Russia will be 11.15mn barrels per day in 2018 and 11.17mn barrels daily in 2019.