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Russian companies to pour over $22 bln into oil production in 2018

Capital investments of companies in 2018 in oil production will amount to 1.3 trillion rubles ($22.48 bln), Russian Minister of Energy Alexander Novak told reporters on Friday.

The minister said "We focus on 1.3 trillion rubles ($22.48 bln) of capital investment by vertically integrated companies in oil production. Last year we had a very large increase of 10%, so maintaining this level would be a good figure," according to the Russian news agency Tass.

At the same time, Novak did not rule out that the volume of investments might be bigger. In 2017, the capital investments of vertically integrated companies amounted to 1.33 trillion rubles ($22.99 bln). In 2016 this figure reached 1.21 trillion rubles ($20.9 bln).

The Russian Ministry of Energy does not rule out the possibility of involving countries that do not export oil, but produce it, to participate in balancing the oil market. "Countries non-exporters that produce oil might be invited," he said.

Currently, a number of countries, in particular China, are among the world's largest producers of oil, but do not export it.

Novak also noted that the US shale companies are "unlikely to be involved in this process." At the same time, it was repeatedly reported earlier that OPEC was negotiating with the producers of shale oil.

In his speeches, OPEC Secretary General Mohammed Barkindo noted that all major oil producers in the world are fully responsible for the situation on the market. He also said that the production limiting agreement that includes 24 countries, both from OPEC and outside of the cartel, is open to new members.

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