Russia will restore its oil production by 85% of the highest restrictions under the OPEC+ deal by February, Russian Deputy Prime Minister Alexander Novak said following the 24th OPEC and non-OPEC Ministerial Meeting on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 04th January, 2022) Russia will restore its oil production by 85% of the highest restrictions under the OPEC+ deal by February, Russian Deputy Prime Minister Alexander Novak said following the 24th OPEC and non-OPEC Ministerial Meeting on Tuesday.
Speaking with Russian broadcaster Rossiya 24, Novak noted that the alliance decided earlier in the day to up its oil production by another 400,000 barrels per day next month.
"For Russia this means that by the month of February we will arrive at roughly 85% of restored production from the maximum level of cuts that was in May-June 2020, meaning we will restore 1,700,000 barrels per day from the slashed 2 million barrels," Novak said.
The minister also noted that Russia had fulfilled its OPEC+ obligations by 97% in November.
