Russia has produced a record amount of oil

In 2017, Russia produced a record amount of oil and natural gas. In 2018, it may be difficult to repeat this result due to the OPEC agreement, to which Russia has joined, which should gradually restrict oil production in order to increase oil prices.

According to the Russian Ministry of Energy, oil production in this country in 2017 increased by an average of 10.98 million barrels per day, which is 0.1% more than in the previous year. This was the ninth year in a row to see an increase in oil production. The past year was also the highest in terms of production since the collapse of the Soviet Union in 1991.

Experts note that production of raw materials has been growing during the rule of Vladimir Putin, almost doubling from 6.1 million barrels per day in 1999. The trend could end in 2018 as Russia agreed to join the OPEC agreement, which aims to cut oil production and conquer its prices.

Record oil production in Russia was reached even after in October 2016, a month before the agreement with OPEC, Russia produced 11.23 million barrels of oil per day, and production fell by 300,000 barrels from that level. In early 2017, production remained above 11 million barrels per day for several months.