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Russia may increase daily oil production by 42,000 in October — deputy PM

According to the deputy prime minister, Russia fully complies with the OPEC+ deal

MOSCOW, September 7. /TASS/. Russia may increase its daily oil production by 42,000 barrels, Russian Deputy Prime Minister Alexander Novak said following the OPEC+ decision to raise oil production by 137,000 barrels a day in October.

"The decision has been made, an absolutely market-based one. It will allow us, Russia, also to increase production by 42,000 barrels a day," he said in an interview with the Rossiya-24 television channel.

According to the deputy prime minister, Russia fully complies with the OPEC+ deal. "We are fully committed to our obligations, both in terms of compensation and from the point of view of production expansion, we undertook in previous periods. This makes it possible for us, our oil sector to ensure production growth. This has positive impacts on our economy and the oil sector in general," he added.

Earlier in the day, the eight leading OPEC+ nations made a decision to raise oil production by 137,000 barrels a day (on September) amid the favorable oil market conditions.

Thus, according to OPEC, Russia and Saudi Arabia will be allowed to increase daily output by 42,000 barrels each, Iraq - by 17,000 barrels, the United Arab Emirates - by 12,000 barrels, Kuwait - by 11,000 barrels, Kazakhstan - by 6,000 barrels, Oman - by 3,000 barrels, and Algeria - by 4,000 barrels.