Russia can increase oil output by 100K bpd on OPEC+ decision
Russian Deputy Prime Minister Alexander Novak said in an interview on Wednesday that following the OPEC+ ruling to keep production growth policy unchanged, Russia is now able to add 100,000 barrels per day (bpd) to September’s output and an additional 100,000 bpd in October.
Novak also noted it is expected that Russia will restore its oil extraction volumes to pre-pandemic levels by May 2022, if OPEC+ stays on the same track and doesn’t change the current roadmap.
Earlier, OPEC+ members have unanimously agreed to continue increasing production by 400,000 barrels per day each month until the end of December 2021.
Get involved!
Comments