MOSCOW (Pakistan Point News / Sputnik - 01st September, 2021) Russia will restore two-thirds of the May 2020 oil production cuts by October, and by May 2022, it will reach the pre-crisis level if the current parameters of the OPEC+ deal are left unchanged, Russian Deputy Prime Minister Alexander Novak said.
"I want to note that out of the 2 million barrels per day that were reduced in May 2020, that is, during the most difficult pandemic crisis, when demand fell by 20 million barrels, we will restore production by 1.3 million barrels by October. That is, in fact, it will be 65% of the level that we reduced. That is, we will restore two-thirds of the decline," Novak said in an interview with the Rossiya 24 broadcaster.
"This is a very good indicator. Recovery is progressing at a rapid pace, and I think that at the beginning of next year, if the recovery continues at 100,000 barrels [per day every month], then we will reach the pre-crisis level by May," the deputy prime minister added.
He stressed that Russia was responsible for fulfilling its obligations and was increasing oil production in accordance with the schedule agreed with the OPEC+.
