MOSCOW (Pakistan Point News / Sputnik - 04th March, 2021) Russia will increase its oil output by 130,000 barrels a day in April under the OPEC+ oil cuts deal in order to meet seasonal domestic demand, Russian Deputy Prime Minister Alexander Novak said on Thursday.
"The output will be kept on the March level in April by the OPEC+ countries, but the exemptions have been made for Russia and Kazakhstan. We will increase the output in April by 130,000 barrels a day ... It is very important for us because we have seasonal demand, we need to increase the volumes of oil refining and meet the increasing demand for petroleum products in Russia," Novak told the Rossiya 24 broadcaster after the OPEC+ meeting concluded.
Earlier in the day, the OPEC+ alliance of oil producers held their 14th Meeting, during which they agreed to extend the previous level of oil cuts, but the exemptions have been made for Russia and Kazakhstan, which were allowed to� slightly increase production.
