Russia Fires Back: Could Boost Oil Production By 500,000 Bpd | OilPrice.com

Russia Fires Back: Could Boost Oil Production By 500,000 Bpd | OilPrice.com:

Russia can raise its oil production by 200,000 bpd to 300,000 bpd in the short term, with a potential for up to a total increase of 500,000 bpd, Russian Energy Minister Alexander Novak told news channel Rossiya 24 on Tuesday.

The Russian companies will be reassessing their investment and production plans after they are no longer obliged to stick to the OPEC+ deal, Novak said.   


Just before the OPEC+ meeting last week—which turned into a fiasco for OPEC’s leader Saudi Arabia after Russia refused to back additional massive production cuts—Russia’s average oil production had increased to 11.29 million bpd in February, up by 3.2 percent on the year and slightly up from 11.28 million bpd in January.  

Russia’s oil production figures, however, include gas condensate, which, as of this year, is not included in the Russian production and quota as part of the OPEC+ production cut agreement.