ST PETERSBURG (Reuters) - Russia’s oil output will decrease in June but then recover, Energy Minister Alexander Novak said on Thursday.
Russia’s average daily oil output dropped to a three year-low of 10.87 million barrels per day on June 1-3, two sources familiar with official data said on Tuesday.
“I think this is only a June situation,” Novak said when asked about the decline.
He said it was due in part to the Druzhba pipeline contamination as well as maintenance at oil refineries.
Asked why Russia’s output had fallen below the level agreed as part of a global output deal, Novak said: “Partly, this is due to the restoration of (oil) quality in the pipeline.”
“This is expedient in order to accelerate the clean-up process,” Novak told reporters on the sidelines of the St Petersburg International Economic Forum.
Earlier on Thursday, Novak said Moscow would be able to offset current cuts to its oil output by the end of the year.
Reporting by Olesya Astakhova; Writing by Maria Kiselyova; Editing by Tom Balmforth and Alexandra Hudson