- Analytics
- News and Tools
- Market News
- Russia’s Novak: Will restore oil production by 85% in 2022
Russia’s Novak: Will restore oil production by 85% in 2022
Russia is expected to restore oil production by 85% in 2022 from the maximum reduction level in May-June 2020 as part of the OPEC+ agreement, the country’s Deputy Prime Minister Alexander Novak said in an interview with Russia-24 news channel after the OPEC and non-OPEC Ministerial Meeting on Tuesday.
Key quotes (via TASS)
"For Russia, it means that in February we will reach 85% in the production recovery from the maximum reduction level we had in May and June 2020. That is, we will restore 1.7 million barrels per day.”
"As for Russia’s compliance with the deal in November, the level was 97%. As before, we are almost 100% compliant with our commitments."
OPEC and its allies agreed on Tuesday to maintain a planned increase of 400,000 barrels per day in its crude output quota for February.
WTI reaction
WTI was last seen trading at $76.65, little changed on the day, consolidating the previous advance to six-week highs of $77.48.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
