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Russia to boost oil production by total of 114,000 Bpd in May-July – Novak

Moscow: Within the framework of the OPEC+ deal, Russia will evenly increase oil production in May-July by a total of 114,000 barrels per day, Russian Deputy Prime Minister Alexander Novak said.

“As for Russia, as you know, in the previous month, some decisions were made that allowed us to partially restore production from our quota, we have the remainder of 114 thousand barrels per day, and we also equally, together with all countries, use recovery of this production within three months, “Novak answered on the air of the Russia 24 TV channel when asked how much Russia will add oil to the world market, starting in May.

Earlier on Thursday, Saudi Arabian Energy Minister Prince Abdulaziz Bin Salman Al Saud said during OPEC+ press conference that Russia had agreed not to increase production proportionally, but to distribute the remaining volume under its obligations under the deal over the next three months and increase production in May and June by 39,000 barrels per day, and in July by 38,000 barrels per day. The Saudi minister also added that Kazakhstan would increase production in a similar way — by 6,000 barrels per day in each of the next three months, that is, from May to July.

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