Russia Expects To Add 100,000Bpd To Oil Production Each Month Through End-2022 - Novak

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Russia Expects to Add 100,000Bpd to Oil Production Each Month Through End-2022 - Novak

Russia expects, within the framework of the new OPEC+ agreements, to increase its daily oil production by 100,000 barrels each month until the end of 2022

MOSCOW (UrduPoint News / Sputnik - 30th July, 2021) Russia expects, within the framework of the new OPEC+ agreements, to increase its daily oil production by 100,000 barrels each month until the end of 2022, and thus to reach the pre-crisis oil production level of 10.5 million barrels per day in May 2022, and then gradually move to the "promising ceiling" of 11.5 million barrels per day, Russian Deputy Prime Minister Alexander Novak told reporters.

"If every month we increase [production], our share will be 100,000 barrels per day, then we will reach the production level of 10.5 million barrels per day in May next year. This is our pre-crisis level," Novak said.

He also explained how the increase of the baseline for oil production restrictions from 11 million to 11.

5 million barrels per day, would work for Russia from May 2022: "This will be a promising ceiling, to which we will move further, also based on the schedule, which is: from 10.5 and beyond."

"We have made a decision to add 400,000 barrels per day every month [by the entire OPEC + alliance] until the end of 2022. We [Russia] will add 100,000 barrels a month. Then we will reach 11.5 million barrels per day 10 months after May 1, [2022,]" Novak said.

The Deputy Prime Minister stressed that the actual rates of increasing oil production by Russia and OPEC+ would anyway depend on the real conditions in the market.