Moscow: extractions at record levels, and according to Sechin from Rosneft, output is increasing

Moscow: extractions at record levels, and according to Sechin from Rosneft, output is increasing

Emilio Fabio Torsello
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Pending the informal OPEC encounter in October and the meeting in November, the positions regarding the output of individual countries continue to be discordant

Several countries continue to go it alone in terms of petroleum production. Aboveall Russia. According to the latest data, in fact, in September Moscow reached record extraction figures with the highest peak ever attained since the end of the Soviet Union: 11.2 million barrels a day. And according to Igor Sechin, head of Rosneft, Russia could still increase its production by another 4 million barrels a day. A position that reflects the line held by Rosneft after the OPEC meeting in Algiers, where, contrary to statements made by Vladimir Putin, the oil group stated that it was unwilling to limit extraction. According to Sechin what is more, in the next year-and-a-half the market could stabilize at 55 dollars a barrel.
Libya
is also back to featuring among crude oil production countries, and is returning to the market thanks to the reactivation of several production plants. The latest site started up again was the Waha Oil Field, thanks to which Libya will be able to bring its production to 580 thousand barrels per day. Libyan production is for the moment limited when compared to OPEC and non-OPEC country figures, but this is at any rate one of the most important signs in the path towards the economic and social stabilization of the country.
And in this view of things, among the largest producers of crude oil, Iran, has officially opened its borders to foreign companies in the field of oil extraction. But while Teheran is back on the market, according to Reuters some of the major companies called upon to start production in Iran have not have received sufficient assurances as to the geomorphological specifications of Iranian oil sites. A stalemate that threatens to slow the first phase of development. According to Tehran's plans in fact, foreign investment in the country should bring in at least 185 billions over a total of fifty projects, set against an oil output that should reach 5-6 million barrels per day.