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Clear Russian oil strategy. Yesterday Russia increases their lead over Saudi Arabia in crude oil exports of to China today Energy Minister Alexaconder Novak said they will increase its oil output by 3.5-4.0 million tonnes in 2018 if OPEC and non-OPEC deal not extended.

Russia NovakNovak: Playing his cards for Russian Dominance

“We forecast that in 2018 we will have small growth relative to the year 2017, but it will to a large extent depend on what decisions are taken on extending or not extending the (output cut deal) with OPEC nations,” Novak told reporters.

His remarks were pointed he added “We will now make our forecasts within a range of a possible (output) increase from today’s level, if there is no (extended) deal (with OPEC),” .

How much? When asked about the scale of any increase, he said it would be 3.5 million to 4.0 million tonnes Reuters reported. Russia’s oil output is officially forecast at 547 million tonnes this year and next.

When asked if Russia would stick with this forecast if the global oil output deal was extended, Novak replied: “Yes.” With Russia ahead in China and the when Aramaco IPO? coupled with a Prince declaring his love for renewables what will the Saudi's next card be?

Source: Reuters http://www.reuters.com/article/us-oil-opec-russia-novak/novak-says-russia-to-raise-oil-output-if-pact-not-extended-idUSKBN1CU1DK

From The Traders Community News Desk

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