MOSCOW, 4 Mar – RIA Novosti. Russian Deputy Prime Minister Alexander Novak sees signs of a recovery in the global economy and oil demand and hopes that 2021 will be a key year for this.
“We are closely following the key trends in the market and are cautiously optimistic that the situation is improving, and in the future we see signs of economic recovery, recovery in demand. We hope that this year, 2021, will be a key one,” he said in during a press conference following the OPEC + meeting.
Following the meeting on March 4, OPEC + decided not to increase production in April by 500 thousand barrels per day, Saudi Arabia will also maintain its additional reduction of 1 million barrels per day.
In addition, the alliance countries agreed to increase oil production in Russia in April by 130 thousand barrels per day, Kazakhstan – by 20 thousand.
OPEC + has cut oil production by 9.7 million barrels per day since May due to a drop in demand caused by the coronavirus pandemic. As it was restored, the restrictions were adjusted, and as of this March they amount to 7.05 million barrels per day. Moreover, in February and March, only Russia and Kazakhstan got the opportunity to slightly increase production. The baseline for reductions under the agreements was taken in October 2018, and for Russia and Saudi Arabia – the figure of 11 million barrels per day.