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OPEC+ countries to increase oil output by 648,000 bpd in August

The organization did not change the parameters of the agreement approved last month for August

MOSCOW, June 30. /TASS/. The OPEC+ countries decided to jointly increase oil production in August by 648,000 barrels per day, Russian Deputy Prime Minister Alexander Novak said in an interview with Rossiya 24 TV channel.

Thus, OPEC+ did not change the parameters of the agreement approved last month for August.

"The decisions that were made today include increasing production jointly by 24 countries by 648,000 barrels per day in August," Novak said.

Russia almost restored oil production in June to February figures after the dip in March-April 2022, he added. "Our production recovered against the drop in March-April, and we almost reached the February level in June. We produced 10.2 mln barrels daily at that time, lowered [production] to about 9 mln barrels per day in March-April. Now, in June, we already have 9.9 [mln barrels daily] in average," Novak said.

Russia will be able to increase oil production to the level of its OPEC+ quota, the Deputy Prime Minister said. "I am confident we will support the recovery and quotas provided to Russia to ensure rebalancing of supply and demand during the summer season also," he added.