Russia restores oil production to February levels, but exports fall By IFX
© Reuters. Novak: Russia has restored oil production to February levels, but exports are falling
Russia has restored oil production to a level close to the figure recorded at the meeting, Deputy Prime Minister Alexander Novak told reporters today on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
According to his forecasts, the growth of oil in Russia may continue in the future. “I think that there are prerequisites for the fact that we will (increase production) in the near future.” %.
He noted that a further increase in the volume of oil will depend on the plans of companies for production, export, supply to the domestic market, which, in turn, depends on demand.
But in the general case, the situation on the world oil market has developed, which may lead to an increase in oil prices, but everything will depend on the balance of supply and demand.
“I hope demand will recover.
June oil exports
As Novak also said, oil exports from the Russian Federation are falling due to the growth of oil refining within the country. “Exports are lower because the volume increased significantly when recovery volumes were damaged, so the released ones were exported,” he explained.
“Oil exports will be somewhat less than in May, because the volume of oil refineries has increased, and oil went to the domestic market for processing, that is, more oil products will be produced,” Novak said.