September 21, 2016 by AK
President Vladimir Putin will watch the launch of the Vostochno-Messoyakha field, jointly developed by Rosneft and Gazprom Neft, via a video link…
Russia’s oil output is seen rising 2.2 percent this year, above expectations, to reach almost a 30-year high of 546-547 million tonnes as companies ramp up drilling.
As an aside, I hate this passive construction. Seen by whom? OPEC only “saw” a 1.3% increase in its monthly review pubished last week. The US Energy Information Administration “saw” growth of 1.4% in its latest report issued earlier this month. If Reuters is referring to Goldman Sachs, that’s good enough for me, but name your source, for goodness’ sake.
Also, drilling at the already producing fields and launching new, remote ones are two different drivers: expansion into unsettled parts of Siberia is about infrastructure, pipelines above all, more than drilling per se. Both drivers are important, of course.
Russia will attend an informal meeting in Algiers next week with other major oil producers.
To talk about capping production, as usual. Some hopeful souls will even mention cutting. Good luck! Or patience. As St. Naphthaline said, “Set me a ceiling, Opec, just not now!”