Russia’s Novak: Will restore oil production by 85% in 2022
|Russia is expected to restore oil production by 85% in 2022 from the maximum reduction level in May-June 2020 as part of the OPEC+ agreement, the country’s Deputy Prime Minister Alexander Novak said in an interview with Russia-24 news channel after the OPEC and non-OPEC Ministerial Meeting on Tuesday.
Key quotes (via TASS)
"For Russia, it means that in February we will reach 85% in the production recovery from the maximum reduction level we had in May and June 2020. That is, we will restore 1.7 million barrels per day.”
"As for Russia’s compliance with the deal in November, the level was 97%. As before, we are almost 100% compliant with our commitments."
OPEC and its allies agreed on Tuesday to maintain a planned increase of 400,000 barrels per day in its crude output quota for February.
WTI reaction
WTI was last seen trading at $76.65, little changed on the day, consolidating the previous advance to six-week highs of $77.48.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.