Foreign projects are involved in reducing oil production


Source: MOSCOW – Reuters

Russian Energy Minister Alexander Novak said today, Wednesday, that projects occupied by foreigners as well as domestic oil projects in the country will reduce production on a proportional basis, within the framework of a global agreement to reduce crude production.

Major international oil companies such as Exxon Mobil and Shell are involved in several oil and gas projects in Russia and have been operating under production sharing agreements since the 1990s.

Novak also said that Russian oil companies will cut production by 19% from February levels in the framework of the global agreement to reduce oil production.

He expected his country’s exports to reach between 480 and 500 million tons in 2020, and he expected the stability of oil exports through pipelines.

He explained that oil exports through pipelines are expected to stabilize.


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