OPEC+ countries agreed to increase Russia’s oil production

OPEC+ countries have reached an agreement on the terms of the deal for February and March. The current oil production parameters will be maintained for all but Russia and Kazakhstan, sources in the alliance’s delegations said.

Russia will increase production by 65 thousand barrels per day, Kazakhstan-by 10 thousand barrels.

It is specified that Saudi Arabia intends to announce an additional reduction in the production of raw materials.

On Monday, at the OPEC+ meeting, Russia called for an increase in oil production by 500 thousand barrels per day.

Recall, Deputy Prime Minister Alexander Novak said that the range of oil prices in 45-55 dollars per barrel is the most optimal for Russia to restore its production. Novak also explained that an increase in oil production from January 1, 2021, by 2 million barrels per day, as originally stipulated by the OPEC + agreement, would be dangerous for the market in low demand conditions in winter. Therefore, in December, the OPEC+ countries agreed to increase production by only 500 thousand barrels per day.

Google News button