-TurkStream continues on schedule
The construction of one of the most strategically important projects between Russia and Turkey, the natural gas pipeline, is continuing in full swing.
In a written statement from the Russian energy company Gazprom last week, it announced that the total length of the two subsea lines built on the Black Sea floor for the pipeline reached 1,775 kilometers, accounting for 95 percent of the total offshore pipeline construction.
Gazprom's Vice President Alexander Medvedev also shared details on the project and on natural gas markets last week.
In an interview with the Gazprom Journal, Medvedev stated that they exported 148.2 billion cubic meters of natural gas at a price of $235 per thousand cubic meters in the first nine months of this year.
Medvedev also stated that the construction of the subsea section of the project is progressing on schedule with plans for Gazprom to start the construction for the Turkish land section in 2019.
-Russia increases oil production
Russian Energy Minister Alexander Novak told reporters last week in Kaliningrad that Russia increased its oil production since October 2016.
"Our oil production in October 2018 compared to October 2016 increased by 150 thousand barrels per day," Novak said.
The Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil-producing countries, including Russia, reached an agreement at the end of 2016 to reduce total oil production by 1.8 million barrels per day.
Under the agreement, Russia committed to reducing its daily oil production by 300,000 barrels. In the OPEC meeting in June 2018, it was agreed to increase production again. Russia announced that it would increase daily production by 200 thousand barrels of oil, which saw the country's oil production in October reach 11.36 million barrels per day.