Economics & Business News

Russia will restore oil production up to 85%

Russian Deputy Prime Minister Alexander Novak said that in 2022 Russia will restore oil production by 85% of the maximum reduction in May - June 2020 within the framework of the OPEC + agreement, the Russia 24 TV channel reported.

The match between Russia and Canada started an hour later

“For Russia, this means that in February we will reach about 85% recovery in 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, ”Novak said.

He noted that Russia continues to fully fulfill its obligations under the treaties.

“As for the execution of the deal by Russia in November, the level was 97%. As before, we practically fulfill our obligations by 100%, ”the Deputy Prime Minister explained.

Earlier, following the results of the OPEC + ministerial conference, it was decided to increase oil production in February 2022 by 400 thousand bpd.

Russia will restore oil production up to 85%