Russia to back oil output increase of 500K bpd – Novak
Russian Deputy Prime Minister Alexander Novak (pictured) asserted on Friday the country would support an increase of 500,000 barrels per day in oil output in February under the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+).
“If the situation is normal and stable, we will maintain the increase, because we must smoothly, without hurting the market, reach the indicators that were provided earlier from January 1,” Novak explained.
Previously, the minister claimed it may take up to three years for oil markets to recover from the coronavirus crisis.
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