Russia wants to produce oil like it did before the pandemic
Announcement: 400,000 barrels per day

- Russian Deputy Prime Minister Alexander Novak said the country's oil companies are ready to increase production to pre-pandemic levels.
-If OPEC + sticks to the original agreement to produce 400,000 barrels of oil per day every month, Russia would hit pre-pandemic levels by May.
- While OPEC + will meet to discuss a break in production increases, Russia sees no reason to hold back for the moment
All Russian oil companies have confirmed they can increase production to pre-pandemic levels if the alliance decides to continue monthly production increases, Russian Deputy Prime Minister Alexander Novak said on Monday. "I see no problem, all of our companies confirm that they are ready to increase production to the level before the cuts," said Novak on the sidelines of the Russian-Chinese energy business forum, as reported by the TASS news agency.
If OPEC + increases its production by 400,000 barrels per day (bpd) every month, Russia should reach pre-pandemic oil production levels by May, according to Novak.
Some members of the alliance, led by Russia and Saudi Arabia, have struggled to meet their quotas in recent months, so OPEC + actually achieved less than the agreed increase of 400,000 barrels per day per month. As analysts and tanker tracking services have noted in recent weeks, most of the underruns come from OPEC, particularly from African members Angola and Nigeria.
OPEC + ministers will meet on Thursday to decide how to deal with the January cuts. The meeting takes place amid new COVID travel restrictions imposed by many countries due to the new Omicron variant of the virus discovered in South Africa earlier this month.
Some analysts believe that OPEC + will decide to suspend monthly production increases at least in January, as the new variant poses a threat to oil demand and a surplus is expected in the oil market early next year.
OPEC + will discuss possible measures at the meeting, Novak said at the forum today, but noted that Russia currently sees no need for urgent action.
"We will monitor the situation carefully, but there is no need to make hasty decisions," said Novak, Russia's chief oil negotiator at OPEC +.





