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Russia will reach pre-crisis oil production in May 2022, Deputy Prime Minister Alexander Novak said in an interview with Russia-24 channel after the OPEC + ministerial meeting.

OPEC + participants agreed on further parameters for increasing oil production and extending the deal until the end of 2022.

From August this year, the alliance countries will increase oil production by 400 thousand barrels per day every month. Thus, they will be able to get out of the current reduction level of 5.8 million barrels per day by the end of September 2022.

The parties to the transaction agreed to increase the production base from May 2022, from which the reduction for the UAE is calculated by approximately 330 thousand barrels per day to 3.53 million barrels per day, for Russia and Saudi Arabia by 500 thousand barrels per day to 11.5 million barrels. Also, the reduction base has been increased for Iraq and Kuwait by 150 thousand barrels per day. An increase in the base, from which the reduction is counted, will allow countries to increase oil production.

UAE by a little less than 300 thousand barrels per day, Russia and Saudi Arabia will be able to increase production by 430 thousand barrels per day.

A source: Russian newspaper

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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