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Russia’s Oil Production Will Increase by 59 Million Barrels / Day

According to Goldman Sachs Group: before the end of 2018, Russia’s oil output will exceed the record which was held by Soviet Union 30 years ago.

After consulting with some of the major oil companies in Russia last week, analysts from Goldman Sachs Group believe that Russia’s oil production will increase by 59 million barrels / day in the next three years.

Goldman Sachs Group pointed out that in the period until 2018, Rosneft (RosneftPJSC) may increase oil output in Russian as Russia’s largest oil producer began to exploit new oil fields in eastern Siberia. Goldman Sachs Group also mentioned that as the world’s largest energy exporter, Russia is one of the lowest cost producers for crude oil output in the world, and as long as the international crude oil prices is above $ 10 / bbl, it will bring positive free cash flow for Russia.

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