Russia plans to increase oil production to the OPEC + quota by 11 million barrels per day
In the summer, Russia may increase production in line with its quota of 11 million barrels. per day, which will not yet lead to export due to problems with export after the start of special operations in Ukraine. This was stated by Deputy Prime Minister Alexander Novak on the air of the Russia 24 TV channel.
Novak explained that 9.9 million barrels were produced in Russia. per day, when this happened, before the start of hostilities on Ukrainian territory and followed the adoption – 10.2 million barrels per day, held in March-April, production fell by 9 million barrels per day.
“We are confident that in the summer period we will ensure the restoration and those quotas that were provided for the liberation of Russia. The role of Russia in the current organization will be one of the registered ones, as it was before,” the Deputy Prime Minister said.
In mid-June at the St. Petersburg International Economic (SPIEF) Novak said that in June, Russia gradually restored the volume of custom. According to him, “a fairly significant increase compared to May was demonstrated – somewhere by 600,000 barrels per day, by about 5-6%.” Moreover, Novak then allowed income growth in the future. Energy Minister Nikolai Shulginov SPIEF-2022 said it also sees no upside for oil and added that plans are already in place for logistical solutions to refocus with market spending.