Russia increases oil production in first half of the year

Jul 02, 2016 12:00 AM

Russia increased crude oil extraction, with condensed gas, with 21 percent in the first half of this year, compared to the same period in 2015, the equivalent to 269,877 million tons, the Thermal-energetic Complex published today.
From January to June, hydrocarbon exports to distant countries increased in 5.8 percent, totaling little more than 116 million tons.

In comparison, natural-gas production decreased in 1.3 percent during the period, according to the official report by the sector.

In the negotiations with the main petroleum exporting countries, Moscow defends a reduction of production to the levels in January this year, to stabilize oil prices at international markets, because their volatility is significantly affecting the Russian economy.

The selling prices in the future of the benchmark Brent Blend for August in the ICE Futures stock exchange, set at $49.88 USD a barrel (plus 1.44 percent) aim at an upward trend, a record since 2009, according to the news agency Interfax.

However, experts of the transnational bank group Goldman Sachs predicted that recovery of production in Nigeria was threatening to decrease the prices under $50 USD in the second half of the current year.

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