Russia is in a vulnerable oil market because of geopolitics, but that will not affect its production, which can increase. According to Russian Minister Alexander Novak, the situation is fragile in relation to the recovery in the production of other countries.
Novak told that production in Venezuela also fell in half, and that this happens because the market is not balanced and can be detrimental in the long run. Close monitoring is necessary for new measures to be taken.
If the market maintains its balance, it may have a chance of expanding production. "Russia has the potential to increase its production by 300,000 barrels per day in the medium term, taking into consideration the level of October 2016," the minister said. On this occasion the country obtained its highest record, producing about 11,247,000 barrels a day.
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