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Russia can fully increase oil production under OPEC+ deal, says Deputy Prime Minister

Earlier, doubts about Russia's ability to increase oil production within the OPEC+ quota were expressed by some experts

© Yegor Aleyev/TASS

MOSCOW, November 29. /TASS/. Russia has capacities to increase oil production by 400,000 barrels per day per month until May 2022 as part of the OPEC+ agreement, the oil companies have no problems to do it, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Russian-Chinese Energy Business forum.

"I do not see any problem with it. All our companies confirm that they are ready to return to the volumes that were before the reduction. If we keep on increasing production by 400,000 barrels, then by May we will reach the level that was before the reduction," he said.

Earlier, a number of experts expressed doubts about Russia's ability to increase oil production within the OPEC+ quota.

OPEC+ ministers will discuss production levels for January at a meeting on December 1-2. Until now, most of the alliance states have spoken out in favor of maintaining the rate of resumption of production at 400,000 barrels per day in January and even in February.

OPEC+ oil producers expect a seasonal slowdown in winter demand and even an oversupply of oil in the first quarter of 2022 amid new lockdowns due to the coronavirus.

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