Novak explained the decision of OPEC + to make an exception for Russia

MOSCOW, 4 Mar – RIA Novosti. OPEC + has agreed to increase Russia's oil production in April by 130 thousand barrels per day, Deputy Prime Minister Alexander Novak said on the air of “Russia 24”.

He said that at the meeting, the parties to the agreement noted the uncertainty in the market and decided to keep production at the March level.

“At the same time, exceptions will be made for Russia and Kazakhstan. <...> This is very important for us, because we have seasonal demand, we need to increase the volume of refining at oil refineries and ensure the growing demand for oil products,” the official explained.

According to him, Russia will enter the general schedule when the OPEC + countries begin to increase production when demand recovers.

According to Novak, the global oil market will reach pre-crisis levels by mid-2022.

OPEC + countries have reduced oil production by 9.7 million barrels per day since May 2020 due to a drop in demand amid the pandemic. As the restrictions were restored, they were adjusted, for this March they amount to 7.05 million barrels per day.

Author: wedocount

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