Reuters
Russian Deputy Prime Minister Alexander Novak told reporters today, Friday, that the price of a barrel of oil in the $ 45- $ 55 range is optimal for Russia to restore production levels.
Russia’s oil production had decreased in the framework of the “OPEC +” agreement, which was reached last April to support oil markets in light of the Corona virus crisis.
Novak, who was previously the Russian Energy Minister, also expressed his country’s support for increasing oil production within the framework of the “OPEC +” group by another 500 thousand barrels per day as of February 2021.
Novak added that Russia supports the gradual increase in production to avoid a shock in the oil market, during the group meeting scheduled for January 2020 for major oil producers in the world, where the conditions in the oil market will be discussed.
The price of a barrel of oil is currently trading above $ 50 a barrel, but oil markets are under pressure due to concerns that the rapidly spreading new strains of the Corona virus will lead to a decline in demand for crude.
The countries of the “OPEC +” group agreed last April to reduce production to support the global crude market, and since the agreement, the group gradually reduced the cuts, and it is planned that the cuts will be reduced by 500 thousand barrels per day next January, meaning that this additional amount will be pumped into the oil market. .
Source: Novosti
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