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Wednesday, 28 September 2016

UPDATE 1-Russia's Sakhalin oil output to rise by 8 pct in 2016 - regional govt | Reuters

UPDATE 1-Russia's Sakhalin oil output to rise by 8 pct in 2016 - regional govt | Reuters:

"Russia's Pacific island of Sakhalin is expected to increase oil production by 8 percent in 2016 from a year ago, a regional official said, which would add to the global glut the industry currently faces.

Russia and the Organization of the Petroleum Exporting Countries are gathering in Algeria this week in a second attempt this year to cooperate on global oil markets to stabilise prices. Yet, the task looks hard as hopes are fading that Saudi Arabia and Iran would find a compromise, while production is growing in Russia.

Vera Sherbina, head of Russia's regional government of Sakhalin, told a conference on Wednesday that oil and gas condensate production at the island, which comes mostly from offshore, will climb to 18.1 million tonnes, or about 362,000 barrels per day (bpd), this year, up from 16.7 million tonnes in 2015.

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