Russia to restore oil production by 85% in February – Economy and business
MOSCOW, January 4. / TASS /. Russia in 2022 will restore oil production by 85% from the level of reduction in May – June 2020 under the OPEC + agreement. About this in an interview with the TV channelRussia 24said Russian Deputy Prime Minister Alexander Novak following the OPEC + meeting, where it was decided to produce 400 thousand barrels per day in February.
“For Russia, this means that in February we will reach about 85% recovery from the level of reduction that was in June and 2020. That is, we have restored 1.7 million barrels per day,” he said.
Novak added that Russia completed the deal by 97% in November. “As for the fulfillment of obligations in November, the volume amounted to 97%. As before, we are 100% fulfilling our obligations,” he said.
Impact of the pandemic
The omicron coronavirus strain is currently not affecting oil demand due to the low rate of hospitalization, so OPEC + countries have decided not to change previously adopted parameters, Novak said.
“We proceed from the assumption that there is still uncertainty associated with the spread of the omicron strain,” he said.
Novak noted that the OPEC + technical committee considered three options for the market situation in 2022: negative, optimistic and basic. “The decision was made, all countries supported it, that in February the increase in production by 400 thousand barrels per day will be continued,” he added.