Economics & Business News

Novak: Russia in February will restore the level of oil production by 85%

Russia (bbabo.net) - Russia in 2022 will restore oil production by 85% from the crisis level in May-June 2020, when the maximum reduction in oil production was observed. This was announced by the Deputy Prime Minister of Russia Alexander Novak.

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"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," he said in an interview. TV channel "Russia-24". Novak also added that Russia fulfilled the OPEC + deal by 97% in November.

Earlier it became known that the countries of the OPEC oil cartel decided in February to continue to increase oil production by the planned 400 thousand barrels per day. This became known from the alliance's communique following the results of the ministerial meeting. After the first quarter of 2022, oil reserves are expected to grow and the market will begin to shift towards a surplus.

Novak: Russia in February will restore the level of oil production by 85%