October 3, 2018 / 6:20 AM / a month ago

Russia has room to raise oil output: Novak

MOSCOW (Reuters) - Russia has not yet reached peak oil output and has room to raise it further, Energy Minister Alexander Novak said on Wednesday.

“We are expecting this year around 555 million tonnes (of oil production). In our forecasts we can increase output while production-stimulating measures are being discussed,” Novak told reporters on the sidelines of the Russian Energy Week forum.

(This version corrects production estimate, paragraph 2)

Reporting by Oksana Kobzeva; writing by Andrey Kuzmin; editing by Susan Fenton

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