Novak says Russia to raise oil output in H2

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imageCommodities10 hours ago (Jul 18, 2021 14:30)

© Reuters. Russian Deputy Prime Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 4, 2021. REUTERS/Evgenia Novozhenina/Files

MOSCOW (Reuters) – Russian Deputy Prime Minister Alexander Novak said on Sunday that Russia will raise its oil output in the second half of the year thanks to the new deal agreed by the OPEC+ group of leading oil producing countries to increase their total production.

Novak said Russia will start increasing oil output monthly by 100,000 barrels per day from this August and reach pre-crisis level of production in May 2022.

Russia would additionally produce some 21 million tonnes of oil this and next year, he said.

He also told Rossiya 24 TV station that the country’s budget would get an additional 400 billion roubles ($5.4 billion) thanks to the new deal with an average oil price of $60 per barrel.

($1 = 73.9920 roubles)

Novak says Russia to raise oil output in H2

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