Russian Deputy Prime Minister Alexander Novak said that OPEC + did not change the parameters of the agreement approved last month and decided to increase oil production in August 2022 by 648,000 barrels per day.
The Russian official indicated that the next meeting of the OPEC+ group would take place in early August.
He explained that the decision would allow achieving a balance in the oil market and providing consumers with products in full, and said that “the decisions taken by OPEC + to increase oil production allow us to say that the global oil market will be balanced.”
Regarding Russian oil production, Novak said that Russia in June 2022 almost completely restored the level of production that it was in February 2022, adding that the recovery in production came after its decline in March and April 2022.
Novak pointed out that Russian oil production now stands at about 9.9 million barrels per day, while in March and April it was at the level of 9 million barrels per day.
Thus, the OPEC + group decided to increase oil production by 648,000 barrels per day in August, as was planned at the previous meeting of the group.
In early June, OPEC+’s energy and oil ministers decided to scrap their previous plan of 432,000 bpd over 3 months, and a 648,000 bpd increase was announced in July and August. this year.
Source: Russian agencies