The decision of the Organization of the Petroleum Exporting Countries (OPEC) to limit oil production could be reviewed and revised up, according to Alexander Novak, Russia's energy minister on Friday.
Novak noted that on June 23, OPEC and some non-OPEC countries decided to add around 1 million barrels per day (bpd) to global oil supply as of July 1.
'For now, we are applying this decision. But according to developments in the oil market, oil production increases may be a subject for evaluation,' he explained.
Speaking on the planned U.S. sanctions on Iran, he said, 'I think the oil market already priced out this [sanctions] possibility. I don't think that it will have much influence on oil prices.'
Russia's oil production forecast on Wednesday was revised up for 2018 to include an additional 3.5 million tons oil production to reach 551 million tons.
Novak said earlier that for 2019, oil estimates were also revised up to 555 million tons.
In accordance with the latest OPEC decision, Russia is expected to increase its oil production by around 200 thousand barrels per day.
Meanwhile, the Russian Federal State Statistics Service data revealed Tuesday that Russia's oil production in May surpassed that of Saudi Arabia.
In May, Russia produced 10.6 million barrels of oil while Saudi Arabia produced 9.99 million barrels.
Reporting By Emre Gurkan Abay in Moscow
Writing By Murat Temizer
Anadolu Agency
energy@aa.com.tr