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Russia to increase oil output by 130,000 bpd in February - March - Novak

"Russia will gradually partially restore production," Deputy Prime Minister said

MOSCOW, January 6. /TASS/. In February - March, Russia will increase oil production under the OPEC+ deal by a total of 130,000 barrels per day (bpd) compared to January's figures of 65,000 bpd, Deputy Prime Minister Alexander Novak said in an interview with Rossiya 24 TV channel.

"Russia will increase production in February by 65,000 barrels and in March by an additional 65,000 barrels [per day]. That is, it will be 130,000 barrels [per day] addition against January. We will gradually partially restore production. And this also applies to Kazakhstan," Novak said.

Meanwhile, Russia’s compliance with the terms of the OPEC+ deal was almost 100% starting from May 2020. In November, the execution rate of the deal was 101%, Novak added.

"Starting in May, we have been implementing (OPEC+ deal - TASS) close to 100%, at a very high level, and we fully comply with the parameters set forth in the agreement, which are being adjusted in view of increased demand and gradual recovery. Therefore, like other countries, we can say that the overall implementation of the agreement was 101% in November," he said.

The OPEC+ countries agreed on the oil cuts parameters in February and March, which will amount to 7.125 mln bpd. Now the countries of the alliance are cutting production by 7.2 mln bpd against the base level. Russia and Kazakhstan in February and March will increase production by 75,00 bpd - by 65,000 bpd and 10,000 bpd, respectively. This increase in production will be offset by proportional and voluntary production cuts by Saudi Arabia.