Before the conversation with OPEC, oil production heads all records. Russia, ahead of negotiations with other oil-producing countries in Algeria, has increased production to its record level - over 11 million barrels per day. Thereat, Russian companies are planning to commission new large fields in fall. Although this situation leaves a chance to reach an agreement with OPEC to freeze production, neutralizes the impact of such an agreement on the level of oil prices.

The Russian companies are increasing production ahead of the next week meeting of oil producers in Algeria, where it is expected that the OPEC countries and Russia will try to agree on the coordination of production to stabilize prices. Analysts say that the agreement is unlikely, since producers of the Middle East are not interested in it. UAE Minister of Energy Suheil al-Mazrui said yesterday that the meeting in Algiers is necessary for consultations and the participants do not aim at making decisions on freezing production at the current level or even less so, reducing it. The head of the Russian Energy Ministry, Alexander Novak, said that he expects "a constructive dialogue, first of all within OPEC".

Meanwhile, Russian companies are preparing to commission several new large oil fields in fall, which will give an increase in total production at least within the next few years. Yesterday, the East Messoyakhskoye field in Yamal (Gazprom Neft and Rosneft) was officially commissioned, in the coming weeks the fields named by Filanovsky in the Caspian (LUKOIL) and the Suzunskoye field in Eastern Siberia (Rosneft) will be commissioned That is, even if the major producing countries agree on freezing oil production at the current level, it is not clear how Russia intends to enforce these agreements.