In February 2022, Russia will restore oil production by 85% of the maximum reduction in May-June, Deputy Prime Minister Alexander Novak said in an interview with the Russia 24 TV channel.
“In February, we will reach about 85% recovery of production from the maximum level of reduction that was in May and June 2020. That is, we will restore 1.7 million barrels per day,” he said.
In November 2021, Russia fulfilled the deal by 97%, the official said. “As before, we practically fulfill our obligations by 100%,” he summed up.
Talking about the risks to the market associated with the spread of the omicron coronavirus strain, Novak said there are uncertainties. However, so far it is clear that fewer people infected with this variant of the virus are hospitalized. This means that the omicron is unlikely to provoke a decrease in oil demand, the Deputy Prime Minister explained.
Earlier, OPEC + ministers during today’s meeting decided to keep the plan to increase oil production by 400,000 barrels per day in February. The next ministerial meeting is scheduled for 2 February.
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