Russia will be able to restore oil production to 10.4 million bpd in April 2022 as a result of the OPEC+ decision, which is 95% of the pre-pandemic level. The country could fully restore production in May, Russian Deputy Prime Minister Alexander Novak said in an interview with Russia-24.
"Russia will reach a production level of 10.4 million barrels per day, which is 95% recovery of our production from the pre-pandemic level. Practically, we expect that in May, if at this rate, we will reach the level that we had two years ago when we significantly reduced our own production," Novak said.
The deputy prime minister added that Russia is currently implementing the OPEC + deal to reduce production at a level above 100%, while the overall level of compliance by OPEC+ countries is 129%.
Novak said the Russian government expects the oil market to be balanced and volatility to end by the end of the year.
"We see that there is quite a lot of volatility in prices today, we hope that within a year it will all be balanced," he said.
Novak said the OPEC+ countries at the ministerial meeting positively assessed the situation in the oil market and called it balanced.
"In general, the situation is assessed that the market is balanced. There is a gradual recovery of demand, the growth rate of the economy in 2022 is expected to be about 4%. Year to year demand recovery has been 6 million barrels per day, which is a good indicator. Stocks continue to decline and the market is recovering," he said.
Novak noted that the market is also affected by a number of risks: the geopolitical situation and the decline in investment in the oil sector worldwide.
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Photo: Federation Council
Based on materials from TASS