Russian Deputy Prime Minister Alexander Novak made a forecast for OPEC + oil production. He told about this on the air of the TV channel “Russia 24”, RIA Novosti reports. Novak expressed hope that by April OPEC + will be able to increase oil production by two million barrels per day. He assumed that this […]
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Russian Deputy Prime Minister Alexander Novak made a forecast for OPEC + oil production. He told about this on the air of the TV channel “Russia 24”, RIA Novosti reports.
Novak expressed hope that by April OPEC + will be able to increase oil production by two million barrels per day. He assumed that this would happen during the quarter and added that such a scenario is possible in the absence of force majeure. “A compromise was found, which (…) suggests that we are gradually restoring the market in equal steps, restoring production to the level stipulated by the agreement,” he added.
Earlier, Alexander Novak assessed the OPEC + agreements on oil production. According to him, the meeting held on December 3 was very successful and constructive.
Russia agreed to ease the terms of extraction of raw materials during negotiations on oil in the framework of OPEC +. From the beginning of next year, the cap will be 7.2 million barrels from the baseline. The OPEC + countries have agreed to increase oil production by 500 thousand barrels per day from January next year, Russia’s share will be 125 thousand barrels per day.
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