Markets

Russia sees oil output slightly up in 2017-18

Published October 29, 2016 Updated May 25, 2017

1 min

By Parvez Jabri

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MOSCOW: Russia expects to increase its oil output by 0.7 percent next year and a further 0.9 percent in 2018, the draft federal budget showed.

Crude production is seen at a record-high 548 million tonnes in 2017 and 553 million tonnes in both 2018 and 2019, up from an estimated 544 million tonnes this year, the document showed.

Russia, one of the world's top oil producers, has said it was willing to freeze output as part of a global deal between OPEC and non-OPEC nations aimed to support oil prices.

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